Two down, one to go.

After announcing the sale of its genetic testing business to Laboratory Corp. of America (NYSE: LH) in September, Genzyme (Nasdaq: GENZ) said today that its found a buyer for its diagnostic products unit. The only non-core segment left to go is its pharmaceutical intermediates business.

Sekisui Chemical agreed to buy the diagnostic products business for $265 million. The unit sells reagents, tests, and infectious disease products intended for manufacturers, clinical laboratories, and health care providers.

The divestures seems like a good move for Genzyme. The company has fixed some of its manufacturing woes, but it's still a ways away from firing on all cylinders. Selling off non-drug aspects of its business will help Genzyme concentrate on the high-growth business that's still in the turn-around process.

Slimming down could also make Genzyme slightly more attractive to potential bidders. Companies that aren't interested in the side businesses would have had to figure out how much they could sell the businesses for after the acquisition. Genzyme has done that work for them.

Ultimately, though, the core drug business is going to be the main driver of the price, and Genzyme seems to believe that value is much higher than anyone else. sanofi-aventis (NYSE: SNY) has offered $69 per share; Genzyme thinks $89 isn't out of the question. There's potential for a white knight to emerge -- Takeda, GlaxoSmithKline (NYSE: GSK), Pfizer (NYSE: PFE), and Eli Lilly (NYSE: LLY) have all been rumored -- but the potential for a higher bidder is a lousy investment thesis.

Until Genzyme proves that it's back on track, I don't see the risk-reward profile as being very favorable at today's prices.

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Pfizer is a Motley Fool Inside Value selection. Laboratory Corp. of America is a Motley Fool Stock Advisor recommendation. The Fool owns shares of and has written covered calls on GlaxoSmithKline, which is a Motley Fool Global Gains selection. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. The Fool has a disclosure policy.