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International Murex Technologies

This article was originally published in The Gray Sheet

Executive Summary

Completes divestiture of its blood typing and grouping reagent business. The Norcross, Georgia firm sold Murex Biologicals Limited of Dartmouth, Nova Scotia (formerly Dominion Biologicals Limited) and Murex Biologicals of Conroe, Texas, to former Director and Executive Vice President Samuel Brushett and to privately held NuBio Technologies. Under the terms of the non-cash deal, IMT has been relieved of about $3 mil. in debt; the firm also received 40,000 preference shares in NuBio. The preference shares "may be redeemable for up to [$4 mil.] under certain circumstances during the first three years"; shares not redeemed during that time have a $1 liquidation value, according to a July 12 press release. The divested business contributed less than 10% of 1992 revenues, according to IMT. Commenting on the deal, C. Robert Cusick, vice chairman and CEO of IMT said: "This sale allows us to focus on our core business, the high- growth, high-margin sectors of the diagnostics market, and is part of the company's restructuring and consolidation plan initiated in October 1992," ("The Gray Sheet" Dec. 7, 1992, p. 11)....

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