SeraCare Life Sciences say they are prepared to sell

By Natalie Morrison

- Last updated on GMT

Related tags: Stock

Contract services firm SeraCare Life Sciences are considering a sale in what it says is part of a major shake-up to drive shareholder value.

The news follows disappointing results in the company’s third quarter FY11 report, which showed a 15 per cent revenue loss year on year – from $13.0m (€ 9.1) in 2010 to $11.0m in 2011.

In the same press release, Sera Care announced the exit of CEO Susan Vogt.

When Outsourcing-Pharma spoke to SeraCare CFO Gregory Gould, he told us that nothing was certain but that the board of directors is looking to overhaul its strategy to boost share prices.

“The board is always interested in trying to figure out what’s going to be the best deal for all the shareholders and in maximizing value.

“Right now we’re a fairly small public company so by doing a sale it could help to boost the numbers for shareholders.

“The board’s duty is to look at any situation and to do what’s best for the shareholders.”

When we asked if Vogt’s departure was part of the new strategy, Gould replied: “With the overall new strategy yes, it’s got nothing to do with us looking for a strategic alternative.

“Susan had done a great job, but the board wanted to take the company in a different direction.

“We had a couple of bad quarters, or at least quarters that failed to meet the board’s expectations so they wanted a change.”

Changes

However Gould stressed that the company may still continue operations as normal, and told us that “all options were being considered.”

He said: “The reason that we say we are possibly looking at a sale is that there’s always a possibility that it won’t happen.

“The board has pretty much put everything on the table and is figuring out what the best move will be.

“That could mean a sale of the whole company, or it could mean a partial sale, or it could mean something else entirely. At the moment all options are open.”

Of potential buyers, Gould remained tight-lipped. All he would reveal was that “There are several companies that play within the space.”

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