The Cross-Border Biotech Blog

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MDS Selling Its Analytical Technologies Business for $650 million, Intends to Sell Pharma Services Business Next

Yesterday, MDS Inc. (TSX: MDS; NYSE: MDZ) signed an agreement to sell its “analytical technologies” business to Danaher Corporation (NYSE: DHR) for $650 million cash.  Two major shareholders, collectively holding 23%, have signed voting support agreements supporting the sale.  The shareholders meeting is planned for October, with closing later in Q4.  Assets include 1,100 employees operating in 10 countries. Danaher will also purchase part of a mass spectrometry joint-venture partnership from Life Technologies Corporation, each purchase conditional on the closing of the other.

MDS’ strategic review was triggered in part by the Chalk River reactor shut-down.  It is also putting its “pharma services” business on the block, and in July it closed the sale of its Phase I-IV services business. If the sale of analytical technologies and pharma services go through, only the isotope business will be left. 

MDS “intends to return approximately $400 million to $450 million of the sale proceeds to its shareholders” and will presumably aim for a similar outcome from the pharma services sale.

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2 responses to “MDS Selling Its Analytical Technologies Business for $650 million, Intends to Sell Pharma Services Business Next

  1. Pingback: Monday Biotech Deal Review: September 14, 2009 « The Cross-Border Biotech Blog

  2. Pingback: MDS Files Proxy Circular for Sale of Analytical Technologies Business to Danaher « The Cross-Border Biotech Blog

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