Original from: PR Newswire

Corewell Health and Quest Diagnostics (NYSE: DGX) today announced the completion of the previously announced transaction to establish a laboratory services joint venture to expand access to innovative, quality and affordable laboratory services in Michigan.

Equity ownership of the joint venture, named Diagnostic Lab of Michigan, LLC, will be shared 51% by Quest and 49% by Corewell Health. Quest and Corewell Health's existing laboratories will continue to provide lab services to the joint venture until a future 100,000-square-foot state-of-the-art laboratory facility at the Corewell Health Southfield Center in Southfield, Michigan opens in the first quarter of 2027.

In addition, Quest's Collaborative Lab Solutions (Co-Lab) hospital lab management services have begun to take effect across all 21 Corewell Health hospitals. Quest has also begun to deploy initiatives incorporating a comprehensive suite of Co-Lab Solutions for Corewell Health, including supply chain, lab management, patient blood and anemia management, and lab analytics and stewardship, in addition to reference testing, supporting quality, innovation access and productivity. 

Source: Corewell Health and Quest Diagnostics Complete Laboratory Joint Venture Transaction in Michigan