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Quest Diagnostics Completes Sale of HemoCue Business to Radiometer Medical ApS

Published: Wednesday, April 10, 2013
Last Updated: Wednesday, April 10, 2013
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Company has completed the sale of its HemoCue diagnostic products business to Radiometer Medical ApS for a purchase price of approximately $300 million plus customary adjustments for cash balances.

HemoCue develops, produces and markets hemoglobin, glucose and other point-of-care testing systems worldwide.

In February 2013, Quest Diagnostics announced it had entered into a definitive agreement to sell HemoCue to Radiometer, with plans to use the proceeds to repurchase approximately $300 million of Quest Diagnostics shares as part of the company's stock buyback program.

The transaction follows an announcement by Quest Diagnostics late last year that it would seek strategic alternatives for certain non-core business assets in order to concentrate on its diagnostic information services business. In December 2012, the company divested OralDNA Labs.

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