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MDS Forms Committee to Review 'Alternatives'

NEW YORK (GenomeWeb News) – MDS today said that it has formed a committee of independent directors to support the firm's ongoing process of "reviewing alternatives to improve shareholder value."

The committee includes William Anderson, Robert Luba, James MacDonald, and Gregory Spivy, all of whom are independent of management of the company. In addition to the new committee, investment banks Goldman Sachs and RBC Capital Markets are assisting MDS as financial advisors.

The firm said that there is no assurance that the review will result in any specific strategic or financial transaction and no timetable has been set for its completion.

Last summer, MDS undertook a restructuring effort that included laying off 210 employees aimed at improving profitability in its MDS Pharma Services and MDS Analytical Technologies business units.

In December, MDS reported that its fourth-quarter revenues had declined 4 percent to $322 million. MDS Analytical Technologies, which houses the firm's mass spectrometry and Molecular Devices businesses, had a drop in revenue to $99 million from $108 million. The firm said that the division continues to be impacted by soft demand for high-end instruments.

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