Medical testing laboratory Quest Diagnostics has agreed to acquire US-based heart test provider Cleveland HeartLab for an undisclosed amount, enabling investors including healthcare provider Cleveland Clinic to exit.
Cleveland HeartLab was spun out from Cleveland Clinic in 2009 and provides diagnostic testing using biomarkers that predict cardiovascular disease.
The deal, which is expected to close by the end of 2017, will involve Quest forming a strategic partnership with Cleveland Clinic to take forward new innovations in diagnostic services and collaborate on clinical trials.
Cleveland HeartLab secured $3m from Glengary, Zapis Capital Group and Second Generation in 2010, followed by $18.4m in 2011 from Excel Medical Ventures and HealthCare Ventures.
Venture capital firm Mutual Capital Partners subsequently led a $14.7m series B round for the company in 2012 that included Cleveland Clinic, Excel Medical Ventures and HealthCare Ventures.
Cleveland HeartLab CEO Jake Orville said: “With investment and focus from a leader like Quest, and access to the science of Cleveland Clinic, Cleveland HeartLab will be well positioned to accelerate diagnostic innovations that shed light on risk of heart disease for the individual patient.”