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Sekisui Chemical purchases Genzyme Diagnostics Business

Sekisui Chemical has purchased all of the assets of Genzyme's diagnostic products business including diagnostic product lines and technologies, for $265m in cash.

In connection with the sale, Sekisui also entered into a supply agreement to provide Genzyme with certain enzymes needed for the production of Cerezyme (imiglucerase for injection).

Genzyme has entered into a purchase agreement under which an affiliate of International Chemical Investors Group (ICIG) will acquire Genzyme’s pharmaceutical intermediates business.

The acquired pharmaceutical intermediates business will be renamed Corden Pharma Switzerland and will operate as part of ICIG’s pharmaceutical business within the Corden Pharma platform.

The terms achieved with both Sekisui and ICIG agreements meet the three foundational goals Genzyme established for divestitures which include to recognize the value of employees with appropriate treatment as part of the transaction, to create a future for the businesses in which customers continue to be served well, and to maximize value for Genzyme shareholders.

The divestitures are part of Genzyme’s ongoing effort to sharpen its focus on its key businesses.