On Monday, Genzyme Corp. announced that it would sell its genetics unit to Laboratory Corp. of America Holdings for $925 million in cash.

As per the deal, the LabCorp will buy Genzyme unit’s whole business that includes all testing services, technology, intellectual property rights, and its nine testing laboratories.

LabCorp. had promised to provide jobs to nearly 1900 employees of Genetics, which also encompassed the senior management, as told by Genzyme.

In the U.S, Genzyme Genetics offer services like reproductive and oncology, which LabCorp. by acquiring it, wants to expand its area of medical-testing.

David P. King, Chairman and Chief Executive of LabCorp expressed that the purchase would enlarge their competencies in reproductive, genetic, hematology-oncology and clinical trials central laboratory testing.

The move has been taken by Genzyme, as it has been struggling with manufacturing troubles for more than a year. It is also experiencing the shrinking supply of its two important drugs. In May, Genzyme decided to sell off its three noncore units by the year end to repurchase $2 billion of stock.

“The proceeds from the genetic-testing sale would go toward that end. The company's stock-market value is about $18 billion. Divestiture of the other two units--diagnostics and pharmaceutical intermediates--remains on track”, Genzyme said.