Quest Diagnostics to Acquire Cleveland HeartLab
The equity transaction is expected to be completed in the fourth quarter of 2017, subject to customary regulatory reviews. Additional financial terms were not disclosed.
In connection with the acquisition, Quest Diagnostics and Cleveland Clinic are forming a strategic collaboration intended to accelerate the conversion of emerging innovations into diagnostic services to aid the diagnosis and treatment of various diseases. Specifically, Quest and Cleveland Clinic will create a Steering Committee of experts from both companies to evaluate biomarkers on inflammation and other areas of disease discovered by the Lerner Research Institute and other parts of Cleveland Clinic; Quest Diagnostics may then independently develop test services for these important biomarkers. The two entities also intend to collaborate on trials to demonstrate the clinical and economic value of these and other biomarkers.
"Our goal is to accelerate the development of new tools for diagnosing human disease and to make those tools broadly accessible for clinical use," said Dr. Brian Donley, Chief of Staff, Cleveland Clinic. "That's a powerful combination which, over time, will deliver improved healthcare value for many patients."
Quest Diagnostics and Cleveland HeartLab will also explore ways to expand Cleveland HeartLab's existing relationship with MDVIP, the national leader in personalized, preventive care with a network of nearly 1,000 primary care physicians. MDVIP–affiliated physicians have the time, due to smaller patient practices, tools and technology, to focus on wellness and prevention. Both Quest Diagnostics and Cleveland HeartLab provide specialized health and wellness services for primary care settings.
"Heart disease kills more people than all cancers combined, yet it is also largely preventable if caught and treated early," said Steve Rusckowski, Chairman, President and CEO, Quest Diagnostics. "By combining the science of Cleveland Clinic with the innovation and reach of Quest Diagnostics and Cleveland HeartLab, we will provide new insights for empowering better health. Quest's relationships with these top institutions also highlights progress with our accelerate growth strategy, which focuses in part on strategically aligned, accretive acquisitions."
Heart disease accounts for approximately 800,000 deaths in the United States, or one out of every three deaths, annually. The condition, and its associated outcomes, such as stroke and heart attack, is often preventable with behavioral changes and drug therapies.
A spin-off of Cleveland Clinic, Cleveland HeartLab has created a specialized approach to identifying risk of heart disease, based in part on science published in more than 100 peer reviewed journals. A growing body of research suggests these risks may be influenced by certain types of inflammation, genetics, endocrine and metabolic disorders, lipid particle composition and intestinal microbes – markers that are not included in a routine cholesterol panel, the primary laboratory method for assessing heart health.
The transaction will combine the expertise of Cleveland HeartLab's personalized evaluation of heart disease risk based on inflammation and other markers with Quest's Cardio IQ® lipid particle analysis and genetic and metabolic testing leadership.
About Cleveland HeartLab
Cleveland HeartLab Inc. (CHL) is the premier cardiovascular disease (CVD) Management Company with a comprehensive array of propriety tests focused on improving the early identification of those with CVD risk. In addition to its industry leading approach to inflammation testing, CHL manages a robust R&D program to accelerate the clinical use of scientifically proven and medically relevant biomarkers. Formed in 2009 as a spin-off from the Cleveland Clinic, CHL offers its testing to thousands of leading clinicians focused on health and wellness as well as corporate wellness plans through its CAP accredited and CLIA-certified clinical lab. With the goal of improving CVD risk assessment, CHL's unique testing provides a more complete picture of CVD risk allowing clinicians to deploy personalized medical programs and interventions to reduce the overall risk of CVD, with a specific focus on reducing the risks of inflammation.
CHL provides specialized testing to many of the leading clinicians focused on health and wellness, including groups like MDVIP, a national network of nearly 1,000 primary care physicians.
About Quest Diagnostics
Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our 43,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. For more information, please visit www.QuestDiagnostics.com.