Issue Date: July 29, 2013
Quest Diagnostics Sells Drug Royalties
Quest Diagnostics has sold the rights to royalties on future sales of the anticancer drug candidate ibrutinib to Royalty Pharma for $485 million. Quest got rights to royalties on several drug candidates via its 2011 purchase of Celera. Ibrutinib development partners Johnson & Johnson and Pharmacyclics have filed for approval of the compound, which FDA has designated a breakthrough therapy. Since November 2012, Quest has been refocusing on its core diagnostics business. It earlier sold a dental diagnostics company, OralDNA, and a point-of-care testing firm, HemoCue.
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