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Genome Therapeutics Sells Sequencing Business to Agencourt

NEW YORK, Feb. 25 - Genome Therapeutics has signed an agreement to sell its GenomeVision custom sequencing service business to Agencourt Bioscience, the companies said today.

 

Under the agreement, the Waltham, Mass., company  will transfer some of its sequencing equipment and personnel, as well as existing government and commercial accounts, to Agencourt, of Beverly, Mass.In return, Genome Therapeutics will receive a percentage of the revenues from the accounts for two years, as well as an undisclosed equity stake in Agencourt.

 

Lynn Doucette-Stamm, who heads up the GenomeVision services sector at Genome Therapeutics, will move to Agencourt as vice president of business development. 

 

Genome Therapeutics expects to eliminate 60 positions through this move, reducing its headcount to 95. Employees in the GenomeVision area will go through an interview process before being selected for jobs at the new Agencourt division, the company said.

 

Genome Therapeutics, however, will retain all rights to its PathoGenome database.

 

With this move, Genome Therapeutics said it hopes to hold its 2003 losses to $20 to $25 million for the year, as it previously projected.

 

 

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