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GEN News Highlights : Jan 4, 2013
SeraCare Sheds Biorepository Assets, Focuses on IVD
SeraCare Life Sciences said yesterday it took key steps toward sharpening its focus on diagnostics, starting with selling its biorepository, biobanking, and laboratory services business to Precision Health Holdings (PHH). The price was not disclosed.
Headquartered in Chevy Chase, MD, PHH is a specialized medical research company that supports development and commercialization of personalized medicines and therapies. PHH’s offerings include biorepository and biobanking services, AccuCell® products, and some laboratory services.
PHH was founded last year by life science entrepreneurs Ethan Leder and Mark Clein with $150 million in equity capital. PHH intends “to build a portfolio of innovative services and businesses that lower the cost and improve the quality of research and development of pharmaceuticals and other medical products,” according to the website of a PHH co-investor, J.H. Whitney & Co.
“We can now more freely serve our growing customer base in the in vitro diagnostics market and execute on our mission of improving quality of life by advancing a global understanding of disease,” Charles Mamrak, SeraCare’s CEO, said in a statement. “The sale of our biorepository business is an important element in our growth strategy for SeraCare.”
SeraCare also said it is reorganizing into three commercial business units—IVD research, IVD processing, and clinical laboratory—with the goals of gleaning greater insight into customer needs as well as streamlining business processes.
SeraCare also appointed five new executives to lead those units as well as units involved in operations, R&D, and quality. The five new executives:
SeraCare went private last year following its $82 million acquisition by Linden Capital Partners, a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare and life science industries.
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