While rumors spread over companies eyeing a buyout of Genzyme Corp. as a whole, the Cambridge biotech has indeed announced a divestiture – of its diagnostics business. Sekisui Chemical Co. Ltd. has agreed to pay $265 million cash for Genzyme’s diagnostic products business.

The acquisition will result in the diagnostics unit operating under Sekisui Medical Co. Ltd., a division of Sekisui Chemical. According to a news release today, the Tokyo-based company plans to grow its global presence in its four coverage areas – medical devices, diagnostic reagents, pharmaceuticals and toxicology research.

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