Serologicals Corp. has completed the $18 million sale of its Therapeutic Plasma business to Gradipore Limited, an Australian company.
The effective date of the sale was Dec. 28, 2003. Serologicals received $3.5 million at closing and will get another $1.5 million on Feb. 2. The remainder will be represented by a secured promissory note.
The assets of Serologicals’ Therapeutic Plasma business consist of ten plasma collection centers and a central testing laboratory. Gradipore, based in Sydney, will retain the majority of the employees of the business, including the management team.
“The completion of the sale of this business marks a major milestone in the transformation of Serologicals to an innovation-based company providing novel products in support of life-science research, drug discovery, development and manufacturing,” said David Dodd, president and CEO. “We are anxious to focus all of our efforts on the continued development of our ongoing businesses, with a particular emphasis on increasing our market positions in the cell culture and research reagent lines of business.”
Looking to 2004 and beyond, Dodd says Serologicals is confident on achieving additional revenue growth and annual net income growth rates. He says the company also will increase its investment in R&D.
Based in Atlanta, Serologicals is a provider of biological products and technologies for the research, development and manufacturing of life science products. Its products and technologies are used in a wide variety of applications within the areas of oncology, hematology, immunology, cardiology and infectious diseases, as well as in the study of molecular biology.