LabCorp To Buy Genzyme Unit For $925M Cash
Cambridge-based Genzyme Corp., which has more than 2,500 employees in Central Massachusetts, said it has signed an agreement to sell its Genzyme Genetics business to Laboratory Corp. of America Holdings for $925 million in cash.
North Carolina-based LabCorp will purchase the business in its entirety from Genzyme, including technology, intellectual property rights and nine testing laboratories and testing services.
Genzyme Genetics is one of three business units slated for "strategic alternatives" to increase shareholder value. The others are its diagnostics products and pharmaceutical intermediates businesses.
Proceeds from the divestitures may be used to finance the second half of a $2 billion stock buy-back arrangement scheduled for completion next May.
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