NEW YORK, March 9 - Invitrogen has sold its Rockville, Md., facility to Human Genome Sciences for $55 million in cash, the company said Friday.
Invitrogen acquired the 240,000 square foot facility in its September 2000 acquisition of Life Technologies, which had it headquarters located at the facility. Invitrogen occupies facilities in five other locations, including a manufacturing site in Frederick County, Md.
"Although this property transaction is part of our effort to sell surplus assets following our acquisition of Life Technologies, it also plays a more strategic role," said Invitrogen CEO Lyle Turner in a statement. "Our objective with this property sale is to more effectively organize and integrate Invitrogen's functional groups with those that came to us from Life Technologies, and to further instill Invitrogen's culture into the combined organization."
Invitrogen also hopes to lower its operating costs through this consolidation, Turner said.
Invitrogen and HGS expect to close the sale by the end of April, but Invitrogen is not expecting to finish moving out of the Rockville facility until the end of the year.