The test is the second to be waived for use on the Alere i isothermal nucleic acid amplification platform, and detects Group A Strep DNA in eight minutes or less.
Proceeds from the offering will be used to redeem $400 million of senior subordinated notes due in 2018.
The investment bank noted the potential of Alere's new MDx platforms, but said that Quest's potential could suffer in comparison to its competitor LabCorp.
The firm used about $1.68 billion of proceeds from the new term loans to repay existing secured credit facilities and transaction expenses.
Proceeds from the offering will be used to redeem $400 million outstanding in senior notes due 2018.
The company also restated its financial results for full-year 2014 and for the third quarter of 2014.
Alere missed the deadline to file its Form 10-Q as a result of having to restate its 2014 and interim financial results, prompting the warning from the NYSE.
Under the agreement, Abbott will create tests for two protein biomarkers that AstraZeneca hopes can predict asthma patients' response to its investigational drug tralokinumab.
The firm also said that it will restate its 2014 financial statements due to "errors related to the accounting for income taxes in our discontinued operations."
Abbott's first quarter diagnostic revenues decreased around 2 percent year over year, although its molecular diagnostic sales inched up a fraction of a percent.
The US National Institutes of Health's All of Us project awarded $4.6 million to the company Color to develop a genetic counseling resource for the program.
The Times of India reports on a pilot study that used genomic testing to determine whether patients had drug-resistant tuberculosis.
New guidelines say that more women may benefit from genetic testing for hereditary breast or ovarian cancer, according to the Los Angeles Times.
In Cell this week: small proteins identified among human microbiome, role for tumor microbes in pancreatic cancer survival, and more.