Quest Diagnostics has completed its previously announced acquisition of Athena Diagnostics, an esoteric laboratory specializing in genetic testing for neurological disorders. Worcester, MA-based Athena will continue to operate under its own name as an independent business within Quest.
"With this acquisition, Quest Diagnostics has clearly established the leading position in the neurology diagnostics market," says company Chairman and CEO Surya Mohapatra in a release. "Patients and healthcare providers will realize significant benefits from the transaction, including greater access, convenience and breadth of diagnostic services expertise than either company could offer alone."
Last week, Quest commenced a tender offer through a wholly owned subsidiary for all of the outstanding shares of common stock of Celera for $8.00 per share in cash. Credit Suisse also added Quest to its Focus List, a move that came after Clinical Labs & Healthcare Facilities analyst Ralph Giacobbe upgraded the stock to Outperform and raised his price target from $62 to $65, StreetInsider.com notes.