Secaucus-based Quest Diagnostics announced Sept. 5 that it entered a definitive agreement to acquire lab services from Summa Health, an Ohio health care system.
Financial terms of the deal were not disclosed. The move is expected to be completed in the fourth quarter of 2022, following customary regulatory approvals.
If the agreement is approved, Quest would acquire select assets of Summa Health’s outreach lab services business, or LabCare Plus, in an all-cash transaction.
After closing, Quest’s labs in Twinsburg, Ohio, and Pittsburgh will provide testing for physicians and patients serviced by LabCare. Summa Health would continue to own and operate its hospital labs.
“By helping top health systems like Summa Health optimize their lab strategies, Quest empowers better health and affordable care for more patients,” Quest Chairman, CEO and President Steve Rusckowski said in a statement.
According to the announcement, Summa Health selected Quest following a competitive bid.
Ben Sutton, Summa Health’s chief strategy officer and president of ambulatory care and clinical service lines, described lab services as a “a critical and fast-evolving area” of the industry.
“As the nation’s leader, Quest has the expertise, agility and breadth of innovation to deliver the enhanced capabilities that physicians and patients increasingly expect,” Sutton said. “With this relationship, patients and providers in Ohio will benefit from access to advanced laboratory capabilities supporting better health outcomes.”