GSI Lumonics Sells Life Sciences Businessto Packard BioScience

KANATA, Ontario, Canada, Aug. 22 -- GSI Lumonics Inc., supplier of laser-based automated advanced manufacturing systems and services to industrial companies, has sold its Life Sciences business to Packard BioScience Co. Packard BioScience will obtain the operating assets related to GSI's Life Sciences business for a combination of cash and stock valued at about $120 million (US) upon standard regulatory approvals. The companies will close the deal by the end of the third quarter, said GSI Lumonics.
GSI Lumonics' Life Sciences unit makes software-controlled confocal scanning systems for the analysis of fluorescently labeled microarray biochips under the ScanArray and QuantArray trade names. The products are used for gene expression, genotyping, mapping, high-throughput screening and drug discovery. GSI's Life Sciences unit represents approximately 5 percent of the company's sales.
Packard BioScience is located in Meriden, Conn., where it provides instruments and services used in the life sciences research and nuclear industries.