NEW YORK (GenomeWeb News) — Clinical Data today said it has sold its Netherlands-based in vitro diagnostics business Vital Scientific to French company ELITech Group for $19.5 million in cash.
The actual sale price was $15 million, but Clinical Data said it retained $4.5 million in cash from Vital Scientific immediately before the sale.
CEO Drew Fromkin said the divestiture is “the latest and most significant step” in Clinical Data’s plan to “devote all of our resources to our IP-driven pharmacogenomics tests and targeted therapeutics, as well as our genomics services division.”
ELITech President Pierre Debiais said the acquisition is important to his firm because “it complements the company's current portfolio of IVD products and, in particular, its clinical reagents business.”
Clinical Data said this is the third move it has made to let go of its IVD enterprises. The company last November sold its Australia-based Vital Diagnostics business for $1 million, and in June this year it sold its US-based Clinical Data Sales and Service arm for around $7 million.