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Home Industry News Genzyme sells genetics unit to LabCorp

Genzyme sells genetics unit to LabCorp

7th December 2010

Genzyme has announced that the sale of its genetic testing unit to LabCorp is now complete.

All assets of the business, including testing services and intellectual property rights, have been purchased by LabCorp for $925 million (586.8 million pounds) in cash.

The buyer has also acquired the rights to continue work at the company's nine genetic testing laboratories, while all employees of the genetics business at Genzyme have been offered similar positions with the new owner.

Plans to divest several specialist units were announced by Genzyme earlier this year and the completed LabCorp deal represents the first of three proposed transactions.

Last month, the biotechnology company revealed it had entered into an agreement with Sekisui Chemical Co to sell off its diagnostic products business.

The Japanese firm is set to pay $265 million for all assets of the unit, which employs approximately 575 people.

Genzyme has also confirmed plans to sell its pharmaceutical business.ADNFCR-8000103-ID-800276958-ADNFCR

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