Genzyme Corporation today announced that it has completed
the sale of Genzyme Genetics to Laboratory Corporation of America Holdings 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 repurchase.