Following Through On Prior Plan, Genzyme Sells Off Genetic Testing Unit
This article was originally published in The Pink Sheet Daily
Executive Summary
Sale of Genzyme Genetics for $925 million to LabCorp seen as enhancing the biotech's potential purchase value.
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Medical device financings during the third quarter of 2010 brought in $997 million, an increase of 82% from the second quarter's $548 million. While Q3 M&A activity was down slightly from last quarter - only 15 mergers were completed, compared with 18 in Q2 - more money was involved: an impressive $6.7 billion. The venture rounds for PacBio and Complete Genomics boosted late-stage VC money to $171 million in the third quarter, two-thirds of the entire amount for the in vitro diagnostics/research industry. Despite only five acquisitions closing during the third quarter, the M&A dollar volume for the IVD/research industry was just north of $2 billion.
Medical Device and In Vitro Diagnostics/Research Deal Statistics Quarterly, Q3 2010
Medical device financings during the third quarter of 2010 brought in $997 million, an increase of 82% from the second quarter's $548 million. While Q3 M&A activity was down slightly from last quarter - only 15 mergers were completed, compared with 18 in Q2 - more money was involved: an impressive $6.7 billion. The venture rounds for PacBio and Complete Genomics boosted late-stage VC money to $171 million in the third quarter, two-thirds of the entire amount for the in vitro diagnostics/research industry. Despite only five acquisitions closing during the third quarter, the M&A dollar volume for the IVD/research industry was just north of $2 billion.
A Divesture To Kick Up Valuation For Genzyme Drives U.S. Expansion For Japanese Diagnostic Firm
TOKYO - True to its word, Genzyme sold off its diagnostics business, the second of three units the company said it would divest to generate shareholder value, but which is seen largely as a move to enhance valuation as it courts buyers. The Genzyme unit was sold to Japanese firm Sekisui Chemical, a young company that has been quick to expand its presence in the U.S