Genzyme Sells Unit, Cuts 1,000 Jobs | September 20, 2010 Issue - Vol. 88 Issue 38 | Chemical & Engineering News
Volume 88 Issue 38 | p. 14 | Concentrates
Issue Date: September 20, 2010

Genzyme Sells Unit, Cuts 1,000 Jobs

Department: Business
Keywords: biopharmaceuticals, divestiture, genetic testing

Genzyme has agreed to sell its Genzyme Genetics testing services business, which had revenues of $370 million in 2009, to Laboratory Corporation of America for $925 million. The sale is part of a five-year plan that Genzyme announced in May to find alternatives for three noncore units. It is trying to strengthen its business in the face of near-devastating manufacturing problems and after rejecting a takeover offer from Sanofi-Aventis. In addition to the sale, Genzyme will also cut 1,000 jobs over 15 months to reduce operating costs.

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