SDIX, a Newark-based provider of biotechnology-based products and services, announced it has entered into an agreement to sell the assets of its Food Safety and GMO businesses to Romer Labs for $13.5 million.
Following this transaction, the Company will concentrate on its Life Science business. Romer Labs is acquiring the intellectual property, current inventory and commercial contracts, as well as the equipment for the two businesses and will employ the current staff.
Francis DiNuzzo, SDIX’s President and CEO, said, “The sale of our Food Safety and GMO businesses to Romer Labs, represents a continued commitment to focus on our core Life Science business, and our Advanced GAT technologies. We continue to make important progress as we work to develop our Advanced GAT technology which is targeted at the discovery of monoclonal antibodies to be used in high value applications such as biotherapeutics and biomarker discovery. The net cash from this sale will strengthen our balance sheet and provide additional investment flexibility for our Life Science businesses.”
The acquisition is expected to be completed during the fourth quarter of 2012.
