A Game-Changing Acquisition
SECAUCUS, New Jersey, and OXFORD, England, and MARLBOROUGH, Massachusetts – In a groundbreaking move, Quest Diagnostics (NYSE: DGX), a renowned provider of diagnostic information services, is set to acquire the U.S. laboratory services business of Oxford Immunotec Global PLC (Nasdaq: OXFD).
Innovative Services Integration
Upon completion, the acquisition will encompass the cutting-edge T-SPOT®.TB tuberculosis and Accutix™ tick-borne disease testing services offered by Oxford Immunotec‘s laboratories in Memphis, Tennessee, and Norwood, Massachusetts. Quest Diagnostics will also secure T-SPOT.TB test kits and related accessories from Oxford Immunotec through a long-term supply agreement.
Strategic Collaboration for Future Growth
Furthermore, both companies plan to establish a strategic collaboration agreement post-acquisition to drive the expansion of T-SPOT.TB testing in the United States. This collaboration aims to enhance accessibility and innovation in diagnostic solutions.
Forward-Thinking Vision
Quest Diagnostics’ Chairman, President, and CEO, Steve Rusckowski, expressed enthusiasm about the acquisition, emphasizing its role in advancing infectious disease diagnostics. He highlighted the company’s commitment to offering physicians a diverse range of blood-based TB testing options.
Enhanced Testing Options
Dr. Peter Wrighton-Smith, CEO of Oxford Immunotec, echoed this sentiment, stating that the collaboration with Quest Diagnostics will significantly expand access to the advanced T-SPOT.TB test for healthcare providers and patients nationwide.
Strategic Approvals and Timeline
The acquisition has received approval from the Boards of Directors of both companies and is anticipated to conclude in the fourth quarter of the year, pending standard regulatory clearances. Shareholder assent is not deemed necessary for the transaction to proceed.
About Blood-Based TB Testing
The T-SPOT.TB test, an interferon-gamma release assay (IGRA), aids in diagnosing Mycobacterium tuberculosis infection and disease. With a significant number of latent TB cases in the U.S., blood-based IGRA TB testing is recommended by medical associations for its accuracy and efficiency compared to traditional methods.
Innovative Healthcare Solutions
Quest Diagnostics is dedicated to empowering individuals to enhance health outcomes through diagnostic insights derived from extensive clinical data. With a vast network serving a substantial portion of the U.S. population, the company’s diagnostic capabilities are pivotal in transforming healthcare management.
About Quest Diagnostics
Quest Diagnostics, along with its associated trademarks, plays a crucial role in facilitating informed healthcare decisions and fostering healthy behaviors. The company’s commitment to innovation and quality resonates through its services offered to healthcare professionals and institutions nationwide.
About Oxford Immunotec
Oxford Immunotec Global PLC stands as a dynamic diagnostics company specializing in proprietary tests for immune-regulated conditions. With a global presence and a focus on underserved markets, the company’s T-SPOT.TB test has garnered approval in numerous countries, showcasing its commitment to advancing diagnostic solutions.
Future Outlook
The acquisition marks a pivotal moment in the healthcare industry, merging expertise and resources from Quest Diagnostics and Oxford Immunotec to drive innovation and accessibility in diagnostic services. The collaboration is poised to redefine diagnostic standards and enhance healthcare delivery across the United States.
