CareDx Finalizes $170M Divestiture of Lab Products Division to Eurobio Scientific
CDNA has more than doubled off its 52-week low of $10.96.
Summary
CareDx has finalized the sale of its transplant Lab Products division to Eurobio Scientific for approximately $170 million in cash. This follows the definitive agreement announced in mid-April. The completion of this divestiture confirms CareDx's strategic shift to focus on its core precision medicine business in transplantation, while providing substantial capital that can support other strategic initiatives like the recently announced Naveris acquisition and share repurchase program.
At the time of this announcement, CDNA was trading at $28.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $10.96 to $29.58. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.