Genzyme Corporation, a biotechnology company in Cambridge, Massachusetts said today that it has an agreement with Sekisui Chemical Co., Ltd., which will acquire Genzyme’s diagnostic products business for $265 million in cash. Sekisui Chemical is a manufacturer of plastic materials for automotive and medical products, as well as PVC pipe systems and fabricated housing headquartered in Osaka and Tokyo, Japan.
Under the agreement, Sekisui Chemical will purchase substantially all of the assets of the business, including diagnostic product lines and technologies. Sekisui has agreed to offer employment to the unit’s 575 employees including senior management, and plans to maintain operations in all of the business’s current locations.
Genzyme’s Diagnostics business provides raw materials and enzymes, clinical chemistry reagents, tests, and infectious disease products to manufacturers, clinical laboratories, distributors and health care providers. The business serves mainly the cardiovascular, diabetes, renal, and infectious disease areas, and is a leading provider of HDL and LDL cholesterol tests.
In September, Genzyme announced the sale of its genetics unit to Laboratory Corporation of America, and the company also plans to divest its pharmaceuticals business unit.
Related: Genzyme to Expand its Suburban Boston Campus
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