Quest Diagnostics/SmithKline Beecham
This article was originally published in The Gray Sheet
Executive Summary
Delay of Quest's $1.3 bil. acquisition of SB's clinical laboratory operations over the issue of SB's access to Quest's clinical lab information database (1"The Gray Sheet" July 12, In Brief) is resolved with Quest's granting to SB non-exclusive rights to use the database, Quest says Aug. 9. As part of the agreement, Quest will receive a minority interest in a company that SB will form to sell information products and services. The transaction is expected to close within two weeks
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Quest Diagnostics/SmithKline Beecham
Quest's acquisition of SB's clinical laboratory operations did not close on July 2, as had been previously expected, due to difficulties in finalizing an ancillary contract referred to as the definitive data access agreement. "The parties have been unable to agree on the extent to which SmithKline Beecham would have the right to commercialize information products utilizing Quest Diagnostics' laboratory data," according to a July 1 release. Quest shareholders approved the transaction June 29; either party can terminate the purchase agreement after Sept. 30, 1999, if the transaction has not closed (1"The Gray Sheet" Feb. 15, p. 27)
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