(By Balaseshan) Diagnostic information services provider Quest Diagnostics Inc. (NYSE: DGX) said it has sold substantially all of the assets of its OralDNA Labs salivary-diagnostics business to Access Genetics for undisclosed sum.
The divestiture of OralDNA represents a step in the company's ongoing strategy to refocus its resources on its core diagnostic information services business for physicians and hospitals, drive operational excellence and restore growth.
In November, the company announced changes to its management team and simplified its organization structure in order to concentrate on its core business.
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Access Genetics has provided support and expertise for OralDNA-based testing services for dental professionals since 2008.
As part of the transaction, OralDNA's testing services, now provided from a facility in Brentwood, Tennessee, will consolidate under Access Genetic's CLIA- and CAP-certified laboratory in Eden Prairie, Minnesota.
Access Genetics offers clinical laboratory services with advanced molecular diagnostics test development and information technology capabilities. Access Genetics currently supports over 80 laboratories in 30 states with TeleGene, LabKits and PartnerLab services.
Quest Diagnostics offers the broadest access to diagnostic information services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff.
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DGX is trading down 0.29% at $57.55 on Monday. The stock has been trading between $53.25 and $64.87 for the past 52 weeks.