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Quest Diagnostics Inc. (DGX) Buys Privately Held Enterix For About $43 Million


9/7/2006 11:07:32 AM

LYNDHURST, N.J., Sept. 7 /PRNewswire-FirstCall/ -- Quest Diagnostics Incorporated (NYSE: DGX - News), the nation's leading provider of diagnostic testing, information and services, announced that it has completed the acquisition of Enterix, Inc., the privately held Australian-based company that developed and manufactures the InSure® Fecal Immunochemical Test (F.I.T.), an FDA-cleared test for use in screening for colorectal cancer and other sources of lower gastrointestinal bleeding, for approximately $43 million in cash. Additional terms of the transaction were not disclosed.

In May 2003, Quest Diagnostics entered into an initial agreement with Enterix to sell the InSure F.I.T. in the U.S. on an exclusive basis. By acquiring Enterix, Quest Diagnostics assumes ownership of the intellectual property for the InSure F.I.T. test as well as future generations of the test, including InSure II, a version of the test that can be performed in doctors' offices, which recently received 510(k) clearance from the FDA.

"We are excited to acquire the worldwide rights to the InSure tests for colorectal cancer screening," said Surya N. Mohapatra, Ph.D., Chairman and CEO of Quest Diagnostics. "Colorectal cancer is the third most common form of cancer in the U.S. and is often curable when detected early. We have seen how a simple, non-invasive annual test such as InSure can have a profound impact on early detection. We see an opportunity to help patients around the world screen for colorectal cancer at an early stage when the disease is most treatable."

InSure F.I.T. offers several important benefits over traditional guaiac-based fecal occult blood testing. Studies show that the InSure assay is an accurate alternative to traditional guaiac-based fecal occult blood testing. InSure F.I.T. eliminates false positive test results due to the interference from certain foods such as red meat or the use of common medications including aspirin. In addition, the InSure test provides for easy specimen collection using a long-handled brush to gently brush the surface of the stool and then collect the surrounding toilet water by dabbing it onto a card.

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: www.questdiagnostics.com.

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 2005 Form 10-K and subsequent SEC filings.

Source: Quest Diagnostics

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