Quest Diagnostics to acquire select laboratory assets from Allina Health

Secaucus-based Quest Diagnostics on Wednesday announced that it has agreed to acquire select laboratory assets from Allina Health.

“Our transaction with Allina Health will extend access to Quest’s extensive service offerings in Minneapolis and throughout Minnesota and western Wisconsin,” Jim Davis, chairman, CEO and president, Quest Diagnostics, said. “Quest and Allina Health share a lot in common, including a commitment to helping a range of communities benefit from quality and innovative laboratory services that people can afford. This transaction also reflects progress in delivering on our strategy, which includes generating growth through accretive laboratory acquisitions.”

Under the terms of the definitive agreement, Quest will offer its laboratory services to Allina Health clinic physicians and outreach provider clients across Minnesota and western Wisconsin.

Quest Diagnostics and Allina Health expect to complete the transaction in the third quarter. Financial details were not disclosed.

“We are grateful for our Allina Health laboratory team and the foundation of excellence they have established in lab services. Quest is the right partner to build on this strength to ensure providers and patients can continue to access innovative and high-quality laboratory services,” Dominica Tallarico, chief operations officer for Allina Health, said. “This transaction will also allow us to reinvest our non-profit resources to support our caring mission well into the future.”