Amid various recent multimillion-dollar raises and major deals in metro Baltimore stands a recently completed deal that brought a local biotech company under the umbrella of a Fortune 500 clinical laboratory corporation.
As foretold back in May, the New Jersey-based Quest Diagnostics has successfully completed the acquisition of Haystack Oncology. This Remington-based and Johns Hopkins-spawned startup, which achieved a high rank on Technical.ly’s 2023 RealLIST Startups, has been officially acquired.
Formerly part of the Catalio Capital portfolio, the acquisition of Haystack Oncology was finalized as an all-cash deal, amounting to a sum of $450 million. As a spinout from Johns Hopkins University, Haystack Oncology has been capitalizing on the wealth of oncology and liquid biopsy research conducted by its scientific founders since its establishment in 2021. The company’s core objective has consistently revolved around the advancement of personalized cancer diagnostic testing.
Before the acquisition, Haystack Oncology had successfully created an advanced technology for minimal-residual disease testing that uses circulating tumor DNA. This approach aims to detect residual or recurring cancer early and provides valuable insights for making informed therapy decisions.
Quest Diagnostics plans to integrate this MRD technology into its upcoming blood-based clinical lab services that are specifically designed for solid tumor cancers. These new services are anticipated to be available starting in 2024.
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