Clinical Data to divest Cogenics division to Beckman Coulter

Clinical Data, a biotechnology company, and Beckman Coulter, a developer of biomedical tests, have signed a definitive agreement, pursuant to which, Beckman Coulter will acquire Clinical Data’s Cogenics division, a provider of outsourced genomics services, for approximately $17m.

Under terms of the agreement, Clinical Data will receive approximately $15.4m at the closing, which is expected in April 2009. In addition, Clinical Data expects to retain approximately $2m in cash from Cogenics immediately prior to the sale. In exchange, Beckman Coulter will acquire all of Cogenics’s operations in the US, UK, Germany and France.

The acquisition of Cogenics is expected to complement Beckman Coulter’s Agencourt Biosciences business, which delivers genomic services and nucleic acid purification products, and expands its reach into new territories.

Drew Fromkin, president and CEO of Clinical Data, said: This important transaction represents an integral part of our strategic plan to focus our resources on developing targeted therapeutics and advancing proprietary biomarker programs.

The sale of Cogenics to Beckman Coulter also creates substantial near-term value and cost savings through the divestiture of a non-core program as we approach the completion of our Phase III registration trial of vilazodone, expected in the second calendar quarter of 2009.