Thermo Fisher Scientific, Waltham, Mass., announced it signed definitive agreements to sell two of its businesses for a total of $940 million.
Thermo Fisher selling two businesses for $940 million
Thermo Fisher agreed to sell Athena Diagnostics, Worcester, Mass., to Quest Diagnostics, Madison, N.J., for $740 million in cash. Athena does diagnostic testing for neurological diseases with an emphasis on gene testing.
Thermo Fisher also announced it had agreed to sell Lancaster Laboratories, Lancaster, Pa., to Eurofins Scientific, Paris, for $200 million subject to a post-closing adjustment. Lancaster is a contract-testing lab for drug and environmental sciences companies.
The deals are expected to close in the second quarter subject to customary closing conditions and regulatory approval. Thermo Fisher's board also authorized share buybacks worth up to $750 million through Feb. 22, 2012, with $385 million in share repurchases still available under an authorization that expires Sept. 8, 2011, according to a news release.
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