Quest Diagnostics has acquired the toxicology and clinical laboratory business of medical center operator Concentra.
Concentra's Advanced Toxicology Network (ATN) laboratory business operates from a laboratory in Memphis, Tennessee, US.
The business is expected to be transitioned into the Quest Diagnostics national laboratory network of regional clinical and toxicology laboratories by the end of 2013.
Quest has also entered into a long-term agreement with Concentra, a subsidiary of Humana (HUM), to be its primary provider of workplace drug toxicology and clinical laboratory testing.
As per the service agreement, Quest will provide workplace drug toxicology testing services primarily to Concentra and its employer clients and clinical laboratory testing services to patients and physicians in Concentra's network of primary care and urgent care facilities.
Quest Diagnostics president and CEO Steve Rusckowski said that with this transaction, Concentra's patients, physicians and employer clients will gain access to Quest's industry-leading menu of innovative workplace drug and clinical lab diagnostic information services.
"The transaction is also consistent with Quest's disciplined capital deployment strategy, which includes generating one to two percent in growth per year through strategically aligned fold-in acquisitions," Rusckowski added.
Additional terms of the service agreement have not been disclosed.
