Thermo Fisher Scientific, Inc. has signed definitive agreements to sell its Lancaster Laboratories and Athena Diagnostics businesses for a total of $940 million in cash. Both transactions are expected to close in 2Q11.

Eurofins Scientific SE will acquire Lancaster Laboratories for $200 million, subject to a post-closing adjustment. Lancaster, based in Lancaster, PA, is a contract testing lab that provides analytical services for pharmaceutical, biopharmaceutical and environmental sciences customers. The business had approximately $115 million in revenues in 2010 and employs 1,100 at its operations in the U.S. and Ireland.

Quest Diagnostics, Inc. will acquire Athena Diagnostics for $740 million. Athena, based in Worcester, MA is a reference lab that provides diagnostic testing for neurological and other diseases, with an emphasis on gene-based tests. The business employs 300 and had approximately $110 million in revenues in 2010.

“Athena and Lancaster have performed very well within our company and we believe that these strategic buyers will offer them even greater opportunities for growth in the long term,” said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. “The transactions position both businesses in companies that are closely aligned with the unique contract lab services they provide and, at the same, will generate significant proceeds that we can redeploy to create shareholder value.”