The Life Sciences team advised Haystack Oncology in its definitive agreement to be acquired by Quest Diagnostics (NYSE: DGX).

Under the terms of the agreement, Quest will pay $300 million in cash at closing, net of cash acquired, and up to an additional $150 million on achieving future performance milestones.

Haystack Oncology is an early-stage oncology company focused on minimal residual disease (MRD) testing to aid in the early, accurate detection of residual or recurring cancer and better inform therapy decisions.

Following the close of the acquisition, Quest expects to adapt the MRD test developed at Haystack as the basis for new clinical lab services available beginning in 2024. Development efforts will focus initially on MRD tests for colorectal, breast and lung cancers.

The Goodwin team was led by Amine Assouad, Alexandra Singer, Roe Granger, and Kingsley Taft, and included Daniel Karelitz, John Stern, Gregg Coughlin, Arman Oruc, Elliot Silver, Michael Casaburi, Sarah Bock, Morgan Frisoli, Steven Tjoe, Matt Wetzel, Jennifer Fay, Christina Bitter, Chad Vella, Erini Svokos, Adam Bellack, Elizabeth-Ann Weeks and Olivia Uitto.

For more details, read the press release and coverage in Endpoints News, Fierce Biotech and The Deal.