Wednesday, September 26, 2018
Quest Diagnostics, the world's leading provider of diagnostic information services, and Oxford Immunotec Global PLC, a global, high-growth diagnostics company, today announced the signing of a definitive agreement under which Quest will acquire the U.S. laboratory services business of Oxford Immunotec.
The acquisition, once completed, will include the T-SPOT®.TB tuberculosis and the Accutix™ tick-borne disease testing services provided by Oxford Immunotec's laboratories in Memphis, TN, and Norwood, MA. As part of the transaction, Oxford Immunotec will sell T-SPOT.TB test kits and related accessories to Quest Diagnostics under the terms of a long-term supply agreement, which would be effective at closing of the acquisition. In addition, the parties expect to enter into a strategic collaboration agreement to drive continued growth of T-SPOT.TB testing in the U.S.
Quest Diagnostics intends to continue to offer QuantiFERON TB blood testing services to provide physicians choice in blood-based TB testing.
"This acquisition will extend our capabilities in infectious disease diagnostics, consistent with our strategy to accelerate growth by broadening access to diagnostic innovation," said Steve Rusckowski, Chairman, President and CEO, Quest Diagnostics. "It will build on our momentum in tuberculosis services by enabling us to bring greater choice to physicians who seek innovative blood-based TB testing over traditional methods."
"We are thrilled to be joining forces with Quest Diagnostics," said Dr. Peter Wrighton-Smith, CEO, Oxford Immunotec. "As a result of this transaction, physicians and patients across the United States will benefit from significantly broader access to our T-SPOT.TB test."
The transaction has been approved by the Boards of Directors of both companies, and is expected to be completed in the fourth quarter of 2018, subject to customary regulatory approvals. Shareholder approval will not be required for either company.
