Lab21 Announces Sale of South Carolina Operations

CAMBRIDGE, UK--(BUSINESS WIRE)--Lab21 Limited, the global specialist in personalized medicine and clinical diagnostics, today announces the sale of its laboratory operations based in South Carolina to Reedy Acquisitions Corp, an entity formed by the existing local management and South Carolina based investors. In addition to an immediate cash benefit for Lab21 Ltd, the sale will remove a loss-making business from the Lab21 Group.

The sale was completed at the end of 2012 and no financial details will be disclosed.

Susan Lowther, CFO of Lab21 Ltd said: “After three years of developing the clinical service business in South Carolina, the Group has taken the decision to sell the laboratory operations in Greenville and Columbia. This sale does not impact our core strategy to focus on personalized medicine and Lab21 will continue to focus on diagnostic content strategy opportunities within the US market.”

About Lab21

Lab21 is a global leader in personalised healthcare. It provides diagnostic products and services and supports blood bank screening, medical diagnostics and drug discovery. Lab21 customers include international healthcare providers, pharmaceutical and diagnostic companies. The Products Division of Lab21 manufactures immunodiagnostic kits and reagents that are distributed internationally and is focused on infectious diseases for the blood-banking and clinical markets. The Clinical Laboratory Division has a growing test portfolio providing companion diagnostics and high technology molecular assays. Lab21's corporate offices are based in Cambridge, UK with a GMP manufacturing site in Cambridge and other manufacturing facilities in Newmarket, Camberley and Bridport. Website: www.lab21.com