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Clinical: in April 2002, Quest Diagnostics acquired Unilab Corp. for $860 million in cash and stock. (Industry Watch).

Clinical: in April 2002, Quest Diagnostics acquired Unilab Corp. for $860 million in cash and stock. Unilab's 2001 revenues were $360 million. As a result of the acquisition, Quest will control 12% of the California clinical lab market, which includes hospitals and physician facilities, and 25% of the California independent lab market. This acquisition follows Quest's recent purchase of American Medical Laboratories for $340 million. In 2001, Quest posted revenues of $3.6 billion compared to Laboratory Corp. of America Holding, the second largest clinical lab company in the US, which recorded revenues of $2.2 billion in 2001. Rising demand for diagnostic testing, including gene-based testing, has helped the $35 million clinical lab industry recover from a 10-year slump. Demand is expected to increase as the US population ages.

Source: Wall Street Journal
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Publication:Instrument Business Outlook
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 15, 2002
Words:134
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