January 7, 2013
Medical device maker Hologic (NASDAQ: HOLX ) announced in a press release late last week that it agreed with diagnostics maker Immucor to sell its Lifecodes business.
Lifecodes, which handles transplant diagnostics, will net Hologic $85 million in cash at closing, and another $10 million for certain financial milestones to be hit in 2013. Hologic CEO and President Rob Cascella announced that the company will use the money to reduce its debt load.
The agreement is expected to close in the second quarter. According to a similar press release from Immucor, Lifecodes operates in a $400 million market, and will strengthen the company's position in its industry.
Cascella explained the sale in his company's statement, saying:
Our sale of LIFECODES will enable Hologic to focus our resources on diagnostics opportunities that are more in-line with our fundamental growth strategies."