BCHXF gains instant access to U.S. market

BioChem Pharma Inc., taking advantage of its ready cash and changes that are driving others out of the diagnostics business, has gained instant access to the U.S. market through the acquisition of Serono Diagnostics.

BCHXF bought the diagnostics business unit of The Ares-Serono Group for $65 million, of which $44 million is payable in cash and $21 million will be in the form of a note to Ares-Serono. BioChem ImmunoSystems Inc., BCHXF's diagnostics subsidiary, will finance $29 million of the cash payment through a bank loan.