US-based PerkinElmer has completed the sale of its applied, food and enterprise service businesses to investment firm New Mountain Capital.

PerkinElmer said the divestment will result in a new high-growth Life Sciences and Diagnostics business.

The business will focus on developing and delivering new scientific breakthroughs to improve global health.

It will share the PerkinElmer name with the applied, food and enterprise services businesses.

The company intends to launch a new name, brand and ticker symbol in the second quarter of 2023, subject to shareholder approval.

PerkinElmer Life Sciences and Diagnostics company president and CEO Prahlad Singh said: “Today marks the culmination of the hard work and dedication from PerkinElmer teams around the world to ensure that both new companies are in a position to succeed on day one.

“As we look ahead, our new Life Sciences and Diagnostics organisation has an immense opportunity to continue to lead with science to redefine human health. I’m looking forward to sharing our new name and brand in the near future.”

PerkinElmer said that the life sciences and diagnostics business divisions are ideally situated to foster scientific advancement for human health.

The life sciences arm focuses on pharmaceutical and academic scientific advancement from the earliest stages of discovery to entry into the clinic.

The company’s diagnostics unit develops novel assays, technologies, and full workflows to improve the diagnosis of disease in all lab settings.

PerkinElmer Life Sciences and Diagnostics Company offers end-to-end solutions for scientists, researchers, and clinicians to better diagnose disease and find new personalised therapies.

With a team of 11,000 people, the company works closely with commercial, government, academic and healthcare customers.

It provides reagents, assays, instruments, automation, informatics and strategic services to fasten workflows, deliver actionable insights and improve decision-making.

In November last year, the firm launched ready-to-use Adeno-associated Virus Vectors (AAV) detection kits.