Avantor, a provider of products and services to the life sciences and advanced technologies industries, has agreed to divest its clinical services business, including kitting, biorepository, and related equipment and ancillaries, to Audax Private Equity, an investment firm, for approximately $650 million. 

The clinical services business has approximately 800 employees and is part of Avantor’s laboratory solutions segment. It is expected to generate approximately $200 million of annual revenue in 2024. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions. 

 Avantor expects the transaction to result in approximately $475 million in after-tax cash proceeds and a reduction of approximately $50 million in capitalized leases. 

Source: Avantor