Cambridge Biotech Sells Enterics Diagnostics Unit To Carter-Wallace
Cambridge Biotech Corp has sold its enterics and human Lyme EIA diagnostics businesses to Carter-Wallace for $4.5 million in cash. Through the deal, C-W will acquire four diagnostic tests for intestinal pathogens and a diagnostic for Lyme Disease. The tests will be sold through C-W's Wampole Laboratories division.
Cambridge president and chief executive Alison Taunton-Rigby says the divestiture will facilitate the company's move forward in its reorganization, adding that "our future as Aquila Biopharmaceuticals Inc will be focused on our remaining business, the development and commercialization of biopharmaceuticals that stimulate the immune system for treating infectious diseases and cancer." Cambridge also recently sold its retroviral diagnostics business to bioMerieux Vitek Inc for $6.5 million (Marketletter April 15).
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