Australia-based Sonic Healthcare Ltd. has acquired Sunrise Medical Laboratories, Inc., of New York. The purchase price for the deal was $148 million plus an additional $20 million under an earn-out arrangement. Now a member of Sonic Healthcare's U.S. federation of laboratories, Sunrise Medical Laboratories has become the healthcare hub for the Northeast. Following the acquisition, Sonic Healthcare hopes to gain immediate earnings per share.
Spectral launches rapid West Nile test
Spectral Diagnostics has signed an agreement with Fisher Healthcare, a division of Thermo Fisher Scientific, Inc., regarding the distribution of its RapidWN West Nile virus test in the U.S. Product shipments are likely to begin this month. Many states have verified the presence of the virus in mosquitoes or avian carriers. Six human cases of West Nile have already been reported by the Centers for Disease Control. Spectral, a developer of novel technologies for complete disease management, will be managing the test's distribution channels for Fisher.
Bank of America expands healthcare franchise
Bank of America is expanding its healthcare investment-banking mergers and acquisitions team and has hired Dimitri Steinberg as the team's managing director. Steinberg will be stationed in New York and will be accountable to Michael McIvor, head of Bank of America's healthcare, consumer, and retail mergers and acquisitions division. Prior to joining Bank of America, Steinberg worked for HSBC, where he established a healthcare mergers and acquisitions investment-banking practice and supervised hiring, strategic planning, and operations for the group. He also managed client coverage for top-notch pharmaceutical, select specialty pharmaceutical, and medical technology clients. One of the biggest financial institutions in the world, Bank of America is among the top providers of healthcare investment banking and advisory services.
Cross Country Healthcare to report second-quarter earnings
Leading provider of healthcare staffing services Cross Country Healthcare, Inc., will issue its press release on earnings after the close of business on August 7, followed by a quarterly conference call on August 8 at 10:00 a.m. The conference will be broadcast live via the Internet by CCBN/Thomson Financial and will focus on Cross Country's second-quarter financial results. Cross Country has a national client base of about 4,000 hospitals, pharmaceutical companies, and other healthcare providers.
Contract with AT&T extended by Dr. Leonard's Healthcare
Dr. Leonard's Healthcare, an online merchant selling healthcare and personal care products, has extended its contract with AT&T, Inc., for two additional years. AT&T provides an email defense and management service, Secure E-Mail Gateway, for Dr. Leonard's. Secure E-Mail Gateway protects Dr. Leonard's email infrastructure by means of spam filters and virus blockers that restrict email transfers to business emails that Dr. Leonard's wants to receive. Less inbox congestion reduces overall strain on the company' network, increasing the overall productivity of staff, as they spend less time managing their email accounts. Moreover, Secure E-Mail Gateway's disaster-recovery feature prevents the loss of vital mission-critical messages.
