Secaucus-based Quest Diagnostics on Wednesday said it will acquire LifeLabs from OMERS for about $985 million, including net debt.
Canada-based LifeLabs, which provides community laboratory tests, will retain its brand, headquarters and management after the deal is closed.
“Quest has supported laboratories, hospitals and academic centers in Canada with specialized testing services for over two decades, including during the COVID-19 pandemic,” Jim Davis, chairman, CEO and president, Quest Diagnostics, said. “This transaction is predicated on our strong belief that we can help LifeLabs accelerate growth and improve health care. We are committed to working with the LifeLabs team to ensure service continuity and enhance access and innovation to meet the needs of Canada’s growing and aging population.”
Quest will provide LifeLabs with new expertise, innovations and resources to strengthen the services provided by LifeLabs’ more than 6,500 employees. This will include improved online appointment scheduling and faster patient service center processing.
Quest also expects to help accelerate LifeLabs’ data security enhancements while ensuring Canadian patients’ health data remains in Canada.
Quest has recently introduced several new tests requiring specialized skills, science and technology, including in Alzheimer’s disease, women’s health (particularly prenatal and hereditary genetics), oncology and advanced cardiometabolic health.
“Quest is the right partner to build on the strengths of LifeLabs and align with our strategic path, which focuses on enhancing the accessibility and quality of services that we provide to millions of Canadians,” Charles Brown, CEO and president, LifeLabs, said. “We know and respect Quest, as we share similar cultures and values and a productive test-reference relationship. Together, we’ll grow LifeLabs and provide more Canadians with access to the advanced diagnostics they rely on, closer to home. We sincerely thank OMERS for its investment, leadership and valued collaboration over 17 years.”
