Genzyme has entered into an asset purchase agreement under which Sekisui Chemical will acquire Genzyme’s diagnostic products business for $265m in cash.

Under the terms of the agreement, Sekisui will purchase substantially all of the assets of the business, including diagnostic product lines and technologies.

The business will be operated as part of Sekisui Medical Co, which is a division of Sekisui Chemical.

Genzyme announced in May that it would seek strategic alternatives for three business units as part of a five-part plan to increase shareholder value.

Genzyme’s diagnostics business provides critical raw materials and enzymes, clinical chemistry reagents, rapid tests and infectious disease products to manufacturers, clinical laboratories, distributors and health care providers.

The business is focused on the cardiovascular, diabetes, renal and infectious disease areas, and is a provider of HDL and LDL cholesterol tests.

The terms achieved with Sekisui meet the three foundational goals Genzyme established for divestitures: to recognise the value of employees with appropriate treatment as part of the transaction, to create a future for the businesses in which customers continue to be served well, and to maximise value for Genzyme shareholders.

Genzyme CEO Henri Termeer said that the sale is part of a strategy to sharpen the company’s focus and allocate resources to key areas for their future growth such as manufacturing, rare disease business and product pipeline.

Sekisui Medical has four businesses, which focus on diagnostic reagents, medical devices, pharmaceuticals and fine chemicals, and toxicology research.