Another Birmingham startup is set will soon be acquired.
New Jersey-based clinical laboratory Quest Diagnostics has entered into a definitive agreement to acquire Birmingham-based Pack Health in an all-cash equity transaction. Financial details were not disclosed.
The transaction is expected to be completed in the first quarter of 2022.
Quest said the acquisition builds on its 2018 acquisition of MedXM, now Quest HealthConnect, a provider of in-person, home-based risk assessment and monitoring services that supplement care delivered in clinical settings. Over time, Quest expects to create new services from these capabilities.
"By adding the Pack Health platform to our extended care services, Quest will strengthen our ability to connect diagnostic insights to actions that generate greater value, outcomes and quality, empowering affordable care," said Steve Rusckowski, chairman, CEO and president of Quest Diagnostics. "This transaction also builds on our growing expertise in addressing social determinants of health, such as through our Quest for Health Equity initiative, and other programs that help organizations deliver value-based care."
Pack Health has been swiftly expanding over the past few years, partnering with health providers across the U.S. Pack Health has long been part of the Birmingham tech and startup ecosystem securing a number of deals and recognition from the CDC.
The patient engagement platform specializes in comprehensively addressing chronic conditions and comorbidities that are influenced by mental health, lifestyle behaviors, access to care and social determinants of health. Their services include medication adherence coaching for pharmaceutical companies' patient education programs, diet and exercise coaching for health plans focused on improving population health and quality metric and community resource outreach to address social determinants of health.
