The Secaucus company will acquire the HeartLab, where it will focus on services that aid in assessing risk and treatment protocols for heart disease, which accounts for one out of every three deaths in the nation.
The equity transaction is expected to be completed in the fourth quarter of this year, subject to customary regulatory reviews. Additional financial terms were not disclosed.
Quest Diagnostics and the 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.
They 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 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 Cleveland Clinic Chief of Staff Dr. Brian Donley. “That’s a powerful combination, which, over time, will deliver improved health care value for many patients.”
Quest Diagnostics and Cleveland HeartLab will also explore ways to expand Cleveland HeartLab’s existing relationship with MDVIP, which has a network of nearly 1,000 primary care physicians.
“Heart disease kills more people than all cancers combined, yet it is also largely preventable if caught and treated early,” Quest Chairman and CEO Steve Rusckowski said. “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.”