Sequenom, Inc., a genetic analysis solutions provider, has sold its Bioscience business to Agena Bioscience, a portfolio company of Telegraph Hill Partners, for $31.8 million, subject to certain adjustments. Sequenom is also eligible to receive as much as $4 million for certain regulatory and sales milestones.
Agena Bioscience took on the facility lease for the Bioscience location in San Diego and will offer employment to all of the current Bioscience employees. The acquired business will continue to manufacture and sell the MassARRAY System, a mass spectrometry-based genetic analysis instrument and associated products and services for research and clinical investigators.
"We are pleased to sell the business to Agena Bioscience and Telegraph Hill Partners as they plan to invest in the growth of the Bioscience business to achieve its full potential. This sale strengthens our balance sheet, and will enable us to focus exclusively on our Sequenom Laboratories business as we work toward achieving profitability," said Harry F. Hixson, Jr., chairman and chief executive officer of Sequenom.