Genzyme completes sale of genetic testing business to LabCorp
10 Dec 2010
Genzyme Corporation (Nasdaq: GENZ) has announced it has
completed the sale of Genzyme Genetics to Laboratory Corporation of
America Holdings (NYSE: LH) for $925 million in cash.
Under the final terms of the agreement, LabCorp purchased
substantially all of the assets of the Genzyme Genetics business,
including testing services, technology, intellectual property
rights, and the rights to continue operations at the unit’s nine
genetic testing laboratories. All employees of Genzyme Genetics were
offered similar positions at LabCorp.
This sale to LabCorp represents the successful completion of the
first of three planned divestitures previously announced by Genzyme.
Earlier this month, the company announced that it has entered into
an asset purchase agreement under which Sekisui Chemical Co., Ltd.
will acquire Genzyme’s Diagnostic products business for $265 million
in cash. The company also plans to divest its Pharmaceuticals
business. Proceeds from these three transactions may be used to
finance the remaining half of the company’s planned $2 billion stock