Genzyme To Sell GDRU Business
Genzyme Transgenics has reached an agreement with Quintiles Transnational to sell GDRU, its London-based unit, for $9.5 million in cash.
The sales of GDRU completes the disposal of units acquired from the former TSI group that are outside its core preclinical and nonclinical testing operations, according to GT.
"Together with our recent acquisition of BioDevelopment Laboratories, this transaction completes our repositioning of TSI operations to focus on the growing market for nonclinical testing, product development and production services," said James Geraghty, president and chief executive of Genzyme Transgenics. He said that the company is on target to grow its testing services and achieve its transgenic milestones for 1995.
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