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Genzyme sells genetics unit to LabCorp

US-based biotech, Genzyme Corporation, has completed the sale of its genetics business to Laboratory Corporation of America Holdings for $925m in cash

US-based biotechnology company, Genzyme Corporation, has completed the sale of its genetics business to Laboratory Corporation of America Holdings (LabCorp) for $925m in cash.

The sale represents part of Genzyme's three-part divestiture programme, which also includes sale of its diagnostics business and the planned divesture of its pharmaceutical unit.

Earlier this month, Genzyme announced it had entered into an asset purchase agreement with Sekisui Chemicals through which the high-performance plastics company will acquire Genzyme's diagnostic products business for $265m in cash. The deal is in line with Sekisui Chemicals' strategic objective to strengthen its medical business following its acquisition of Daiichi Pure Chemicals in October 2006.

Proceeds from the three transactions will be used to finance the remaining half of the company's planned $2bn stock repurchase.

LabCorp's purchase includes testing services, technology, intellectual property rights and rights to continue operations at the unit's nine generic testing laboratories and all Genzyme Genetics staff will be maintained.

1st December 2010

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