Applera board of directors approves spin-off of Celera Group
NORWALK, Conn. --Pharmaceutical company Applera Corp. said Friday its board had approved the spin-off of its Celera Group business into a separate, publicly traded entity. The separation is expected to close July 1.
The separation would be achieved through a one-for-one redemption of Applera Corp.-Celera Group tracking stock in exchange for common stock of Celera Corp. 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 Applera's diagnostics and medical testing business. Applera also has a genetic analyst business called Applied Biosystems.
Kathy Ordonez, president of the Celera Group, will serve as the company's chief executive.
Shares of Applera were down 7 cents to $33.69 in midday trading, while Celera tracking shares rose 14 cents to $12.72. 