Lab21 Limited has announced the sale of its laboratory operations based in South Carolina to Reedy Acquisitions Corp, an entity formed by the existing local management and South Carolina based investors.
In addition to an immediate cash benefit for Lab21 Ltd, the sale will remove a loss-making business from the Lab21 Group.
The sale was completed at the end of 2012 and no financial details will be disclosed.
Susan Lowther, CFO of Lab21 Ltd said: “After three years of developing the clinical service business in South Carolina, the Group has taken the decision to sell the laboratory operations in Greenville and Columbia. This sale does not impact our core strategy to focus on personalized medicine and Lab21 will continue to focus on diagnostic content strategy opportunities within the US market.”