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Innogenetics to Take €7.5M Charge in Third Quarter

NEW YORK (GenomeWeb News) – Belgian molecular diagnostics firm Innogenetics said today that it will take a non-recurring charge of €7.5 million ($10.2 million) related to impairment losses on intangible assets, fixed assets, and inventories.
Innogenetics said that the losses are tied to activities “for which the business plan at this moment does not foresee significant future revenue streams.” The firm did not provide details of which activities are related to the charges.
It added that roughly €2.2 million is related to costs incurred in connection with the proposed acquisition of the company by Solvay Pharmaceuticals.
In July, Solvay offered around €200.7 million ($316 million) to acquire Innogenetics. Gen-Probe, which had made a bid to acquire the firm a month earlier decided not to raise its bid, clearing the way for Solvay to do the deal.
Innogenetics said that the charges will have no impact on the completion of its acquisition by Solvay.
The firm expects to report its third-quarter results on Nov. 17.

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