Quest Diagnostics said it has signed a definitive agreement to buy the clinical outreach business of UMass Memorial Medical Center for an undisclosed amount.
Financial terms of the transaction are expected to be completed in the next 90 days. It is expected the full transition of services will take place over the next 18 to 24 months, with further details to be announced as they are finalized.
Quest said the sale is the first step toward building a long-term relationship between the two organizations that could result in UMass Memorial taking a financial stake in a new entity that would develop and operate a state-of-the-art laboratory in Massachusetts in the future.
Quest's full-service lab in Cambridge and its Athena Diagnostics specialty neurology testing subsidiary in Worcester will move to a new facility that is expected to be centrally located in the area. The facility, when fully operational, will perform the testing currently performed at UMass Memorial's Worcester-based outreach laboratories, the Quest testing currently performed in Cambridge, and the testing performed by Athena.
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