Quest Diagnostics To Acquire Haystack Oncology

(RTTNews) - Quest Diagnostics Inc. (DGX), a US-based diagnostic laboratory, on Wednesday announced its agreement to acquire Haystack Oncology for approximately $450 million.

The deal involves an upfront cash payment of $300 million at closing, along with potential milestone payments of up to $150 million.

Haystack Oncology is an early-stage oncology company, that developed a revolutionary technology for detecting minimal residual disease or MRD in cancer patients.

The acquisition is projected to be completed in the second quarter. Upon closing, Quest will integrate Haystack's MRD test into its comprehensive range of oncology services.

J.P. Morgan Securities acted as the exclusive financial advisor to Quest, while Weil, Gotshal & Manges provided legal advisory services. On the other side, Goldman Sachs & Co. served as the exclusive financial advisor, and Goodwin Proctor acted as legal advisor to Haystack in the transaction.

Quest is currently trading at $138.87 up 0.60 percent or $0.83 in its regular trading session.