Sept. 22 was the day that an agreement to sell Miraca Life Sciences (MLS) of Irving, Texas, was announced. Miraca Holdings will sell the anatomic pathology lab company to Avista Capital Partners. As part of the transaction, a new holding company, called Symphony Buyer, will be formed and will own MLS. Miraca Holdings will be a 15% shareholder in Symphony. Miraca said the enterprise value of the deal is approximately $175.6 million. The transaction is expected to close in November.
MORE ON Miraca Sale
The enterprise value of Miraca Life Sciences of $175.6 million was a surprise to many in the pathology marketplace. In 2011, Miraca Holdings paid $725 million for Caris Diagnostics, which it renamed Miraca Life Sciences. Thus, Miraca has seen $550 million of its purchase price evaporate in the six years since it acquired Caris Diagnostics. Miraca told Wall Street analysts that reimbursement cuts, including a significant one in 2013, was a significant factor in the company’s disappointing financial performance.
QUEST TO ACQUIRE SHIEL MED LAB FROM FRESENIUS
Fresenius Medical Care and Quest Diagnostics entered into an agreement on Sept. 28 for Quest to purchase Shiel Medical Laboratory of Brooklyn, N.Y., a division of Fresenius. The deal is expected to close during the fourth quarter. Part of the agreement will be a collaboration involving Quest and Fresenius that uses Quest’s laboratory data analytics to identify patients with earlystage chronic kidney disease.
- Sunquest Information Systems announced the appointment of Michael Epplen as its new President and CEO. Epplen had been COO at Sunquest. He formerly held positions at Data Innovations, Healthvision, Hublink, and Anderson Consulting.
- Matthew Hawkins was named CEO of a new revenue cycle management company formed by the merger of Navicure and ZirMed. His previous executive positions were with Sunquest Information Systems, Vitera Healthcare Solutions, SirsiDynix, Henry Schein, McKinsey & Company, and EDS.
- Paul Eros is now Commercial Director for Novacyt. Previously he worked at DiaSorin, Roche Diagnostics, and Becton Dickinson.
That’s all the insider intelligence for this report.
Look for the next briefing on Monday, October 30, 2017.