Sekisui Europe Acquires Assets Of Diagnostics Business From Genzyme

Sekisui Europe B.V. a Netherlands-based wholly-owned subsidiary of Sekisui Chemical Co., Ltd., through its newly formed UK-based subsidiary, has acquired the assets of diagnostics business in the UK and shares of the subsidiary in Germany from Genzyme Corporation, a US-based biotechnology company.

Sekisui Chemical is a Japan-based manufacturer of plastic automatic injection molding, hard PVC pipes, pipe fittings and plastic bathtubs.

Announcement (November 18, 2010):

Sekisui Europe, through its newly formed UK-based subsidiary, has entered into an agreement to acquire the assets of diagnostics business in the UK and shares of the subsidiary in Germany from Genzyme.

The transaction is a part of Sekisui Chemical's agreement to acquire the diagnostic business of Genzyme. Following the transaction, the diagnostic business will operate as a part of Sekisui Chemical's division Sekisui Medical Co., Ltd.

Along with the transaction, Sekisui Chemical's another US-based wholly-owned subsidiary Sekisui America Corporation has formed a new company to acquire the assets of Genzyme's diagnostics business in the in North America, including the shares of the Canadian subsidiary, for a combined transaction value of $265 million in cash.

Credit Suisse International and Goldman Sachs & Co. are acting as financial advisors, and Ropes & Gray LLP is acting as legal advisor to Genzyme.

SOURCE: Sekisui Europe