Quest Diagnostics to acquire Focus Diagnostics for $185 million

By Elaine Rigoli

Tampa, Fla., May 19 - Quest Diagnostics, Inc. has agreed to acquire Focus Diagnostics, Inc. in a cash transaction valued at about $185 million.

The acquisition will add annual revenues of about $65 million, according to a news release.

Focus Diagnostics is a portfolio company of private equity firms DLJ Merchant Banking and The Sprout Group. Excluded from the transaction is Focus Bio-Inova, Focus Diagnostics' pharmaceutical testing operation.

The acquisition is not expected to have a material impact on Quest Diagnostics' 2006 earnings per share, excluding anticipated charges associated with the transaction, the release said.

Located in Lyndhurst, N.J., Quest Diagnostics is a provider of diagnostic testing.

Based in Herndon, Va., Focus Diagnostics develops products and testing services for diagnostics.

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