Shearman Reps Quest Diagnostics In $344M Celera Buy

Law360, New York (March 18, 2011, 12:00 PM EDT) -- Quest Diagnostics Inc. said Friday it would shell out about $344 million to pick up fellow diagnostic testing company Celera Corp. in an effort to strengthen its hold on the gene-based testing market.

Quest Diagnostics will pay $8 per share for Celera, making the deal worth about $344 million after taking into account the $327 million in Celera's cash and short-term investments that it will pick up with the purchase, Quest Diagnostics said.

Both companies' boards of directors have already greenlighted the acquisition, the cost of...
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