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Quest Completes Celera Acquisition

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Quest Diagnostics today said that it has completed the acquisition of Celera for around $671 million.

The Madison, NJ-based lab testing firm said that it completed the deal through a short-form merger after its tender offer expired last week. Each share of Celera common stock was converted into the right to receive the same $8 in cash, without interest and less any withholding of taxes, that was paid in the tender offer.

Quest launched the acquisition bid in March in an effort to strengthen its position in the molecular diagnostics industry.

Celera's shares have ceased trading on the Nasdaq Global Select Market as a result of the completion of the deal.