csl to sell jrh biosciences for $492m

Sydney - Wednesday - Jan 19: (RWE Australian Business News) -
CSL Ltd has entered an agreement with Sigma-Aldrich Corporation for the
sale of its cell culture reagent business, JRH Biosciences for $US370
million ($A492m), subject to normal purchase conditions and adjustments,
which compares with a book value of $A137 million at June 30 2004.
CSL managing director Dr Brian McNamee said, "JRH is poised to
move into its next stage of development.
"To ensure JRH's continuing success and maximise its value to
CSL we have decided to divest the business.
"The sale unlocks significant value for CSL shareholders and
provides an outstanding return on CSL's investment in JRH, which was
purchased in 1994 for $US20 million when operating at a loss."
Dr McNamee said, "The sale of JRH is another step in reshaping
CSL as a leading human biopharmaceutical company with a focus on
innovation in medical therapies.
"In March of last year CSL purchased Aventis Behring, the plasma
business of Aventis SA, which followed the announcement of the sale of
its Animal Health business in December 2003."
Completion of the sale is expected in the first quarter of the
2005 calendar year and is conditional on standard regulatory approvals,
including approval from the US antitrust authorities.
Shares in CSL rose 19c to $31.59 yesterday.