Quest Diagnostics said today it would buy the diagnostics company Celera (CRA $8.10) for $671M.Celera business momentum had stalled in 2010 with Q4 Revenue down 11% at $34.9M with Net Income at 3 cents a share down from 4 cents a share in Q4 2009. Results from Celera’s acquisition of Berkeley Health Labs were disappointing. The Company had cash and short term investments of $327M as of the end of 2010 so the deal value is $344M.
Celera was added to the Rayno Life Science and Tools portfolio on March 28 2010 at a price of $7.