Bankruptcy Judge Kevin R. Huennekens on Wednesday approved True Health Diagnostic $37.1 million purchase of Health Diagnostic Laboratory Inc., Dow Jones Daily Bankruptcy Review reported today. True Health won last week's auction for HDL, which tests for cardiovascular disease and diabetes, attracted multiple bids that drove up the initial True Health offer of $32 million. Texas-based True Health has called the acquisition a significant milestone in its goal to become the premier advanced diagnostic lab for cardiovascular disease and diabetes. Richmond, Va.-based HDL filed for chapter 11 in June after health regulators accused the company of paying illegal kickbacks to physicians who referred patients to HDL for blood tests. The company's bankruptcy filing came several months after it agreed to pay nearly $50 million to settle civil lawsuits over the alleged kickbacks. The company has denied wrongdoing.
