Enzo Biochem (NYSE:ENZ) closed a transaction to sell certain assets of Enzo’s clinical laboratory division (Enzo Clinical Labs) to Laboratory Corp. of America Holdings (NYSE:LH) for $113.25-million.
In accordance with the sale, Enzo Biochem will cease its clinical laboratory operations.
“The closing of this asset sale demonstrates our commitment to enhancing shareholder value,” Hamid Erfanian, CEO of Enzo Biochem, said in a statement.
In 2022, Enzo Biochem initiated a strategic initiative to restructure operations to target business areas and industry sectors representing major growth opportunities.
The company’s remaining operating segment, Enzo Life Sciences, supplies a complete portfolio of products and services that are critical and extensively used in drug discovery, development and translational research applications. Enzo Life Sciences’ products including antibodies, genomic probes, assays, biochemicals, and proteins are sold globally to the life sciences market.
