Serologicals Corp. has reached an agreement to sell its Therapeutic Plasma business to Gradipore of Sydney, Australia, for $18 million.

Serologicals will receive $3.5 million at closing and another $1.5 million on Feb. 2, 2004. The remainder will be represented by a secured promissory note.

The assets of the Therapeutic Plasma business consist of ten plasma collection centers and a central testing laboratory.

Gradipore will retain the majority of the employees of the business, including the management team. The transaction is expected to close by Jan. 31, 2004, pending completion of customary closing conditions.

“We are pleased that we have successfully reached an agreement with Gradipore for the sale of this business,” said David Dodd, president and CEO of Serologicals. “Our outstanding team of employees will continue to serve the industry with the same level of customer attention and quality as we have historically.”

Along with the successful acquisition of Chemicon International earlier this year, Dodd says the continued growth in Serological’s cell culture products and diagnostic antibodies will help the company achieve its corporate goals.

“This transaction continues the successful transformation of Serologicals Corp. into an innovation-based company providing novel products in support of life-science research, drug discovery, development and manufacturing of life-enhancing products–,” he said. “Serologicals Corp. continues to add significant value for our customers, employees and shareowners.”