Thermo Fisher completes Athena and Lancaster sales for $940 million

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, has completed the previously announced sales of its two laboratory-testing services businesses, Athena Diagnostics and Lancaster Laboratories, in two separate transactions, resulting in total proceeds of $940 million.

Athena Diagnostics has been sold to Quest Diagnostics for $740 million. Based in Worcester, Mass., Athena Diagnostics is a leading reference laboratory that provides comprehensive diagnostic testing for neurological and other diseases. The business had approximately $110 million in revenues for full year 2010, has approximately 300 employees and was part of Thermo Fisher's specialty diagnostics business within its Analytical Technologies Segment.

Lancaster Laboratories has been sold to Eurofins Scientific SE for $200 million, subject to a post-closing adjustment. Lancaster Laboratories, based in Lancaster, Pa., provides contract-testing services for pharmaceutical, biopharmaceutical and environmental sciences customers. The business had approximately $115 million in revenues for full year 2010, has approximately 1,100 employees at its operations in the U.S. and Ireland, and was part of Thermo Fisher's biopharma services business within its Laboratory Products and Services Segment.

As previously stated, Athena and Lancaster, combined, contributed $0.11 to Thermo Fisher's 2010 full year adjusted earnings per share, or $0.09 on a GAAP basis. Financial results for both businesses, including historical comparative periods, will be included in discontinued operations beginning with the 2011 first quarter reporting period.

Source: Thermo Fisher Scientific