International Murex Technologies Corp. announced Mondaythat it has divested its blood typing and grouping reagentbusiness for $3 million, plus preference shares that may beworth up to $4 million.
The divested business consisted of Murex Biologicals Ltd. ofDartmouth, Novia Scotia (formerly Dominion Biologicals Ltd.),and Murex Biologicals Inc. of Conroe, Texas. They were sold toSamuel Brushett, a former director and executive vicepresident of IMTC, and a newly formed private company, NuBioTechnologies Corp.
C. Robert Cusick, IMTC's chairman and chief executive officer,said the business products were "no longer compatible" withthe company's strategic objectives and emphasis on medicaldiagnostics following the acquisition of Murex Diagnostics(formerly Wellcome Diagnostics) in February 1992.
"The blood bank reagent business is extremely competitive in amature segment of the market," Cusick said. The company islooking to high-growth and high-margin diagnostic sectors forintermediate and long-term earnings under its restructuringand consolidation plan initiated in October 1992.
The $3 million realized in the sale includes the release fromsignificant obligations to the Province of Nova Scotia andelimination of associated consolidated debt. IMTC also received40,000 preference shares in NuBio redeemable for up to $4million under certain circumstances during the first threeyears. Shares not redeemed during the first three years have aliquidation value of $1 each.
IMTC's stock closed unchanged at $4.75 a share on Monday.
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