NORWALK, Conn.—Pharmaceutical company Applera Corp. said Friday it is exploring plans to spin off Celera Group into a separate, publicly traded entity.
Applera has filed a registration statement with the Securities and Exchange Commission regarding the potential split.
The separation would be achieved through a one-for-one redemption of Applera-Celera tracking stock for new Celera Corp. shares. Applera did not give any indication
A tracking stock is issued by the parent company to invest in one division without taking on risks and benefits of other businesses. Celera is Appelera's diagnostics and medical testing business. It also has a genetic analyst business called Applied Biosystems.
If the separation goes through, Celera Corp. will become a separate, publicly traded company. Applera expects Kathy Ordonez, president of Applera Corp.-Celera Group, to serve as the Celera's chief executive. It expects Celera's corporate headquarters to be based in Alameda, Calif.
Approval by Applera stockholders is not required.
Applera shares fell 35 cents to $33.68 as Celera fell 19 cents to $13.77.
