Thermo Fisher selling off two units
Thermo Fisher Scientific Inc. (NYSE:TMO) announced deals on Thursday to sell two business units for a total of $940 million in cash. The tool supplier plans to sell its Athena Diagnostics Inc. unit to Quest Diagnostics Inc. (NYSE:DGX) for $740 million. Athena, which had about $110 million in revenues last year, markets diagnostics for neurological and developmental disorders. Quest said the acquisition would complement its existing diagnostics in cancer, infectious disease and cardiovascular disease. Quest fell $0.28 to $56.38 on Thursday.
Thermo Fisher also plans to sell its contract testing unit, Lancaster Laboratories Inc., to Eurofins Scientific S.A. (Euronext:ERF) for $200 million. Lancaster had about $115 million in revenues last year. Eurofins said the unit, based in Lancaster, Pa., will significantly enlarge its North American presence. Eurofins was off EUR 0.44 to EUR 53.53. Thermo Fisher, which had $10.8 billion in revenues last year, said the units were not part of the company's core business. Both deals are expected to close next quarter. ...