NewYork-Presbyterian sells lab assets for $275M

Quest Diagnostics acquired assets from NewYork-Presbyterian' lab business in an all-cash transaction for $275 million, according to financial documents filed July 27 with the Securities and Exchange Commission. 

The assets acquired, which do not include the New York City-based system's hospital-based labs, comprise $222 million of tax-deductible goodwill and $53 million of customer-related intangible assets. The intangible assets are being amortized over 15 years.

"NewYork-Presbyterian and Quest share a belief that exceptional patient care should be accessible to all," NewYork-Presbyterian President and CEO Steven Corwin, MD, said in a news release. "We determined that working with Quest would be the best path — allowing our patients wider access to advanced, quality laboratory services."

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