Invitrogen sells BioReliance unit at a deep discount

Invitrogen's deal to sell its pharmaceutical services division, BioReliance, came at a hefty discount. Less than three years after paying $500 million for the unit, the company announced yesterday that it is selling the division to Avista Capital for $210 million. Invitrogen styled the sale as part of a plan to focus more on its technology platforms. BioReliance has provided Invitrogen with $110 million in annual revenue, about 9 percent of the total amount. The bulk of its revenue comes from selling materials for drug discovery work.

- here's the release on the deal
- check out the  DrugResearcher report on Invitrogen's deal

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