Biotechnology Firm Sells 2 Businesses
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Amgen Inc. sold its diagnostic test-kit business and a research division to Techne Corp. of Minneapolis for cash, stock and debt totaling $5.3 million.
Amgen, a Thousand Oaks biotechnology concern, received 320,000 Techne common shares valued at $3 million, and a $2-million note convertible into Techne common stock. Techne also paid Amgen $250,000 cash against future royalties.
Amgen said it sold the businesses to focus on its core business of developing biotechnology-based drugs for humans. Among other things, the businesses sold provided doctors with kits to measure serums and other elements in the blood.
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