Quest Diagnostics (DGX: Quote), a provider of diagnostic information services, Monday said it has signed a definitive agreement to sell its HemoCue diagnostic products business to Radiometer Medical ApS for around $300 million plus customary adjustments for cash balances.
HemoCue develops, produces and markets hemoglobin, glucose and other point-of-care testing systems worldwide.
Steve Rusckowski, President and CEO of Quest Diagnostics, said, "The HemoCue divestiture, along with our sale of OralDNA in December 2012, demonstrates our commitment to refocus our business on diagnostic information services."
Quest plans to use the proceeds to repurchase around $300 million of its shares as part of its stock buyback program.
The transaction is expected to be completed in March.
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by RTT Staff Writer
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