A U.S. Bankruptcy Court judge has approved the sale of Health Diagnostic Laboratory (HDL), based in Richmond, Va., to True Health Diagnostics, based in Frisco, Texas, for $37.1 million, according to a Richmond Times Dispatch report.
The sale of most of HDL's assets is expected to be completed by September 30.
True Health Diagnostics previously established itself as the "stalking horse bidder" for HDL when it made a $32 million offer for HDL's assets.
HDL, a cardiac biomarker laboratory, has been under intense regulatory scrutiny for the past year. We reported last September that HDL and other labs were under investigation by the Office of Inspector General and Justice Department into the practice of compensating physicians for ordering their tests. This past April, we reported that HDL agreed to pay $47 million to resolve allegations it violated the False Claims Act.
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