MADISON, N.J. and ALAMEDA, Calif., March 18, 2011 /PRNewswire/
— Quest Diagnostics Incorporated (NYSE:
DGX), the world’s leading provider of diagnostic testing,
information and services, and Celera Corporation (Nasdaq:
CRA), one of the world’s pioneers in genetic diagnostics
discovery and development, announced today that they have entered
into a definitive merger agreement under which Quest Diagnostics
will acquire Celera for $8 per share, representing a transaction
value of approximately $344 million, net of $327 million in
acquired cash and short-term investments. The transaction value is
expected to be further reduced through the realization of a
significant portion of Celera’s available tax credit and net
operating loss carryforwards and capitalized R&D, which totaled
$117 million at the end of 2010. The transaction was approved by
the boards of directors of both companies. Celera generated
revenues of $128 million in 2010.
“For Quest Diagnostics, this is an important transaction which
will further strengthen our leadership position in molecular
diagnostics discovery and development and drive sustainable revenue
growth. We will gain immediate access to an impressive range of
proprietary tests and products, and a strong pipeline of biomarkers
for the future,” said Surya N. Mohapatra, Ph.D., Chairman and Chief
Executive Officer of Quest Diagnostics. “This transaction advances
our growth strategy to be the leading innovator and provider of
esoteric and gene-based testing for cancer, cardiovascular disease,
infectious disease and neurological disorders,” continued Dr.
Mohapatra. “I am pleased at the prospect of Celera’s CEO Kathy
Ordonez and key members of her team becoming part of Quest
Diagnostics.”
Kathy Ordonez, Chief Executive Officer of Celera, stated: “We
are pleased to have re
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