Thermo Fisher Scientific to sell Athena Diagnostics and Lancaster Laboratories

Thermo Fisher Scientific has announced the imminent sale of its Athena Diagnostics and Lancaster Laboratories subsidiaries.

Athena Diagnostics, a provider of diagnostic testing solutions, will be sold to Quest Diagnostics for $740 million (455.74 million pounds), while contract testing business Lancaster Laboratories is being bought by Eurofins Scientific for $200 million.

Both transactions are set to close during the second quarter of this year and will also involve the transfer of a large number of employees.

Marc Casper, president and chief executive officer of Thermo Fisher Scientific, stated that the sales will free up funds that can be reinvested to maximise shareholder value, while also offering positive outlooks for both of the divested companies.

"Athena and Lancaster have performed very well within our company and we believe that these strategic buyers will offer them even greater opportunities for growth in the long term," he said.

Earlier this month, the company published its fiscal report for 2010, a period which saw Thermo Fisher Scientific's revenues grow by seven percent year-on-year.