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Sekisui to acquire Genzyme unit

November 19, 2010 2:00 AM UTC

Sekisui Chemical Co. Ltd. (Tokyo:4204) will acquire the diagnostics products business of Genzyme Corp. (NASDAQ:GENZ) for $265 million in cash. The unit provides raw materials, enzymes, clinical chemistry reagents, rapid tests and infectious disease products. Sekisui said the deal will strengthen its core businesses and establish a platform for growth outside of Japan. According to Genzyme, Sekisui agreed to offer employment to the unit's 575 employees and plans to maintain operations in all of its locations, which are in the U.K., North America and Germany. The unit had 2009 revenues of $167 million. Credit Suisse and Goldman Sachs advised Genzyme on the deal, which is expected to close by year end.

Also on Thursday, the U.S. Federal Trade Commission cleared the sale of Genzyme Genetics to Laboratory Corp. of America Holdings (NYSE:LH). The $925 million deal, which was announced in September, is expected to close Dec. 1. In May, Genzyme said it planned to pursue strategic alternatives for the diagnostics business and Genzyme Genetics, as well as for its pharmaceuticals business unit. ...