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GlaxoSmithKline Sells Stake in Quest for $1.7 Billion

February 02, 2011
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According to MarketWatch, GlaxoSmithKline PLC has sold its entire shareholding in Quest Diagnostics Inc. for about $1.7 billion. Net of tax, GlaxoSmithKline expects to receive cash proceeds of approximately $1.1 billion. The British firm originally acquired the stake as partial consideration for the sale of its laboratories business in 1999 and has since gradually reduced it in stages.

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