Quest Diagnostics' agreement in February to buy SmithKline Beecham Clinical Labs for $1.3 billion in cash and stock brings together two of the three largest clinical labs in the country and makes Quest the largest reference laboratory in the country. Quest hopes to expand its national presence, better manage costs, capitalize on both companies' information expertise and bring a measure of pricing stability to a besieged industry. SmithKline wants to concentrate on its drug R&D.
Quest Diagnostics Inc. 's agreement last month to buy SmithKline Beecham Clinical Laboratories(SBCL) for $1.3 billion in cash and stock [See Deal] brings together two laboratory giants and makes Quest the nation's largest clinical reference laboratory. With more than $3 billion in sales, it will be double the size of its nearest competitor, Laboratory Corporation of America (LCA).
Quest will pay SmithKline Beecham , owner of SBCL, $1 billion in cash and give SB a 29.5% equity...
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