Hologic to sell Lifecodes business to Immucor

Hologic has agreed a deal to sell its Lifecodes business unit, which deals in molecular and antibody-based assays, to the life science company Immucor.

The deal will see Hologic receive $85 million (53.03 million pounds) in cash at the close of the transaction, as well as a potential contingent payment of $10 million based on achievement of certain financial targets for the 2013 calendar year.

Lifecodes provides assays to the transplant diagnostics, specialty coagulation and transfusion medicine markets and was acquired by Hologic as part of its acquisition of Gen-Probe last year.

The sale will help the company reduce its debt balance, with proceeds from the deal set to be used to cover these costs.

Rob Cascella, Hologic's president and chief executive officer, said: "Our sale of Lifecodes will enable Hologic to focus our resources on diagnostics opportunities that are more in-line with our fundamental growth strategies."

During the 2012 fiscal year, Hologic generated an annual revenue total of $2 billion, representing a year-on-year increase of 11.9 percent.