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Quest Diagnostics Completes Acquisition of LabOne


LYNDHURST, N.J., Nov 01, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Quest Diagnostics Incorporated (NYSE: DGX) announced today that it had completed the all-cash acquisition of LabOne, Inc. (Nasdaq: LABS) in a transaction valued at $934 million. The acquisition was funded primarily with proceeds from the sale of $900 million of senior notes on October 31, 2005.

Headquartered in Lenexa, Kansas, LabOne provides health screening and risk assessment services to life insurance companies, as well as clinical diagnostic testing services to healthcare providers and drugs-of-abuse testing to employers. LabOne reported revenues of $468 million for the year ended December 31, 2004, and has 3,100 employees. LabOne operates major laboratories in Lenexa, Kansas, and Cincinnati, Ohio, as well as a state-of-the-art call center in Lee's Summit, Missouri, and provides paramedical examination services throughout the United States and Canada. LabOne's common stock was delisted from Nasdaq today.

About Quest Diagnostics

Quest Diagnostics is the leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its national network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative new diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at: .

The statements in this press release which are not historical facts or information may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results and outcomes to be materially different. Certain of these risks and uncertainties may include, but are not limited to, competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners and other factors described in the Quest Diagnostics Incorporated or LabOne, Inc. 2004 Forms 10-K and subsequent filings.

SOURCE Quest Diagnostics

Laure Park,
or Gary Samuels,

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