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EKF Diagnostics Looks to Sell POC Dx Business for $110M

NEW YORK (GenomeWeb) – EKF Diagnostics today announced that it has received a $110 million offer from an undisclosed buyer for its point-of-care diagnostics business.

The firm has received a non-binding preliminary proposal for the business, which excludes its clinical chemistry and molecular diagnostics businesses. The offer is one of the results from a strategic review initiated April 2 by the firm's board of directors.

The firm said that in the event the POC business is not sold, the strategic review recommends spinning off the molecular diagnostics division, including its biomarkers business, to create a new company with a focus on personalized medicine to be led by current board Chairman David Evans. In that event, EKF Diagnostics would invite shareholder Ron Zwanziger to join the board as chairman.

The firm said in a statement that, short of a sale, this would bring the most shareholder benefit by allowing earnings from POC diagnostics to be undiluted by investment and losses associated with the molecular diagnostics business.