Genzyme grabs diagnostics unit of Canadian firm

Biotechnology giant Genzyme Corp. reports it plans to acquire the diagnostics division of a Canadian biotech. Cambridge-based Genzyme has agreed to pay about $56.5 million for privately held Diagnostic Chemicals Ltd.’s diagnostics business, which includes more than 50 clinical chemistry reagents and diagnostics operations in Prince Edward Island, Canada and Connecticut, according to a U.S. Securities and Exchange Commission filing. The diagnostics business generated $21 million in revenue for fiscal 2007, which closed Aug. 31, according to officials. Diagnostic Chemicals will become a part of Genzyme’s diagnostics business unit, according to a Genzyme spokeswoman. The deal, which was struck Nov. 2, is expected to close in December 2007. The transaction does not include Prince Edward Island-based Diagnostic Chemicals’ biopharmaceutical assets, the companies report. With more than 9,000 employees, Genzyme reported a 2006 net loss of $16.8 million on revenue of nearly $3.2 billion. SOURCE: Mass High Tech