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Thermo Fisher seeks sale of two lab-testing units

Thermo Fisher Scientific wants to sell two of its lab-testing divisions - the Massachusetts -based Athena Diagnostics Unit and the Pennsylvania-based Lancaster Labs, to raise roughly $1bn, as part of an effort to focus on equipment rather than services.

Thermo Fisher hired Goldman Sachs and Barclays Capital to sell these two business units, reported Bloomberg.com.

Thermo Fisher CEO Marc Casper told investors that instruments, equipment and software make up about a third of the company’s revenue, while services account for about 15%.

He also said the company is looking for more acquisitions that will expand the company’s customer base beyond large pharmaceutical companies, and strengthen the portfolio and opportunities to create shareholder value.

Thermo Fisher intends to increase investment in Asia-Pacific region, especially in China and Brazil, and take advantage of global stimulus funding.

It plans to invest in China and Brazil in lab products and new technology initiatives to improve online capabilities for its customers.