Hologic Selling Lifecodes Business to Immucor

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Medical device maker Hologicannounced in a press release late last week that it agreed with diagnostics  maker Immucor to sell its Lifecodes business.

Lifecodes, which handles transplant diagnostics, will net Hologic $85 million  in cash at closing, and another $10 million for certain financial milestones to be hit in 2013. Hologic CEO and President Rob Cascella announced that the company will use the money  to reduce its debt load.

The agreement is expected to close in the second quarter. According to a similar press release  from Immucor, Lifecodes operates in a $400 million market, and will strengthen the company's position in its industry.

Cascella explained  the sale in his company's statement, saying:

Our sale of LIFECODES will enable Hologic to focus our resources on diagnostics opportunities that are more in-line with our fundamental growth strategies."

The article Hologic Selling Lifecodes Business to Immucor originally appeared on Fool.com.

Dan Carroll has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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