Under the terms of the agreement, LabCorp will purchase the business in its entirety, including all testing services, technology, intellectual property rights, and its nine testing laboratories.

Genzyme chairman and chief executive officer Henri Termeer said that the transaction demonstrates the strategic value of Genzyme Genetics and the strong franchise they’ve built over a twenty year period.

“It also shows how our management team is positioned to unlock the underappreciated value of Genzyme’s diverse businesses for shareholders. The completion of this sale allows us to focus our resources on core growth areas and create stronger returns on invested capital,” Termeer said.

The agreement is subject to customary closing conditions, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with the goal of closing before the end of the year.