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Commonwealth Bio Closes Genetic Testing Sale

NEW YORK (GenomeWeb News) – Commonwealth Biotechnologies said today that it has closed the sale of its bioanalytical and genetic testing businesses, and that it plans to continue its planned purchase of Shanghai-based peptide manufacturer GL Biochem.

CBI said it sold its testing businesses, CBI Services and Fairfax Identity Laboratory, to Bostwick Laboratories, a pathology lab company based in Richmond, Va., for a cash consideration and a five-year commitment to an ongoing property lease.

“The sale of these business units satisfies a key condition precedent in CBI’s acquisition of GL Biochem,” CBI’s COO, Richard Freer said in a statement.

The aim of the GL Biochem acquisition, which CBI agreed to in June, is to become an international player in the pre-clinical peptide synthesis market.

Company Director Paul D’Sylva said that the agreement would help the firm strengthen its balance sheet, cut losses, provide new fees and up-front cash, and enable the firm to retain certain land and building assets.

D’Sylva said that the deal leaves CBI “ideally positioned” to close the GL Biochem deal.

Financial terms of the agreement were not released.

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