Quest Diagnostics to Acquire U.S. Laboratory Services Business of Oxford Immunotec
Acquisition to broaden access to tuberculosis (TB) IGRA blood testing in the United States
SECAUCUS, N.J. and OXFORD, England and MARLBOROUGH, Mass., Sept. 25, 2018 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, and Oxford Immunotec Global PLC (Nasdaq: OXFD), 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.
About Blood-based TB Testing
The T-SPOT.TB test is an interferon-gamma release assay (IGRA) that is intended for use as an aid in the diagnosis of Mycobacterium tuberculosis infection and disease. As many as 13 million cases of latent TB may exist in the U.S. The Infectious Diseases Society of America (IDSA) and other medical associations recommend blood-based IGRA TB testing over traditional skin testing for certain patient populations, citing relative accuracy and the ability to perform IGRA testing with one office visit.
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 45,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com.
About Oxford Immunotec
Oxford Immunotec Global PLC is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of underserved immune-regulated conditions. The Company's T-SPOT.TB test has been approved for sale in over 50 countries, including the United States, where it has received pre-market approval from the Food and Drug Administration, Europe, where it has obtained a CE mark, as well as Japan and China. The Company is headquartered near Oxford, U.K. and in Marlborough, MA. Additional information can be found at www.oxfordimmunotec.com.
CONTACT: Quest Diagnostics: Wendy Bost, (Media): 973-520-2800; Shawn Bevec, (Investors): 973-520-2900; Oxford Immunotec: Karen Koski, VP, Strategy and Investor Relations; Oxford Immunotec (Investors & Media), Tel: 508-556-1377; kkoski@oxfordimmunotec.com
