Waltham, MA 2/24/11; Madison, NJ 2/24/11; Paris, France 2/24/11—Thermo Fisher Scientific has agreed to sell two of its laboratory testing businesses (see IBO 1/15/11). The company will sell reference lab Athena Diagnostics to Quest Diagnostics for $740 million in cash. Athena Diagnostics had 2010 revenues of $110 million. Thermo will also sell contract testing lab Lancaster Laboratories to Eurofins Scientific for $200 million. In 2010, Lancaster Laboratories generated $115 million in revenues. “Athena and Lancaster have performed very well within our company, and we believe that these strategic buyers will offer them even greater opportunities for growth in the long term,” commented Marc N. Casper, president and CEO of Thermo Fisher Scientific. Thermo also announced the authorization of a new $750 million share repurchase program. Thermo estimates that the net effect of the divestitures, the addition of Dionex (see IBO 12/15/10) and the new share repurchase program will increase 2011 adjusted EPS by approximately $0.05. The divestitures are expected to be completed in the second quarter.