Skip to main content
Premium Trial:

Request an Annual Quote

True Health Dx Set to Buy HDL's Assets for $37.1M

NEW YORK (GenomeWeb) – Health Diagnostic Laboratory today said that True Health Diagnostics submitted a successful bid of $37.1 million to acquire substantially all of HDL's assets. 

Richmond, Virginia-based HDL is in Chapter 11 bankruptcy protection, and last week True Health submitted a "stalking horse bid" of $32 million to acquire the firm's assets. During an auction proceeding on Thursday, the Frisco, Texas-based diagnostics firm increased its offer to beat out bids from other interested buyers, HDL said.

The sale is subject to final approval by US Bankruptcy Court. A Sept. 16 hearing on the matter has been scheduled, and the deal is anticipated to be completed by the end of the month. 

True Health CEO Chris Grottenthaler said in a statement that HDL's business "aligns perfectly with ours." His firm will retain "hundreds" of HDL's employees, he added. 

HDL filed for Chapter 11 protection in June shortly after reaching an agreement with the US Department of Justice to settle an investigation into whether HDL's payments to doctors were essentially kickbacks to encourage them to order the firm's tests. HDL agreed to pay nearly $50 million as part of the settlement but denied wrongdoing.

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more