November 18, 2010
Genzyme To Sell Diagnostics Unit For $265M
By Matthew L. Brown
Cambridge-based biotech and pharmaceuticals giant Genzyme Corp. has agreed to sell its diagnostic products business to Sekisui Chemical Co. for $265 million in cash.
Genzyme employs more than 2,000 people in Central Mass., mostly at a new facility in Framingham.
Sekisui has agreed to offer employment to all of the diagnostic products unit's 575 employees, including senior managers, upon the closing of the transaction.
The sale is expected to close before the end of the year.
Genzyme said the deal is part of the company's effort "to sharpen the company's focus" and put money into key growth areas, such as manufacturing and its rare disease business.
Genzyme has worked with Tokyo-based Sekisui for the last 15 years.
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