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Assets Held-for-Sale | 3 Months Ended
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Dec. 31, 2016
Assets Held-for-Sale [Abstract] |
Assets Held-for-Sale | Assets Held-for-Sale On December 14, 2016, the Company entered into a definitive agreement to sell its blood screening business to its commercial partner, Grifols, for a sales price of $1.85 billion in cash, subject to adjustment based on the closing amount of inventory. The transaction, which is an asset sale, closed on January 31, 2017. Upon closing of the transaction, the Company's existing collaboration agreement with Grifols terminated. The Company has agreed to provide transition services to Grifols, including manufacturing inventory for Grifols. In determining whether or not this disposal qualified to be reported as discontinued operation, the Company considered a number of quantitative and qualitative factors and concluded that the disposal of the blood screening business does not qualify as a strategic shift as the blood screening business has not had and will not have a major effect on the Company's operations and financial results. Under the existing collaboration agreement, the Company performed research and development activities and manufacturing, while Grifols performed the commercial and distribution activities. The blood screening business is embedded within the Company's molecular diagnostics business and the Company retains ownership and will continue to use the intellectual property for the underlying technology of its molecular diagnostics assays and instrumentation. As a result of this transaction, certain of the Company's assets used in the blood screening business have been designated as assets held-for-sale. Assets held-for sale are reflected separately in the Company's Consolidated Balance Sheet and comprise the following as of December 31, 2016:
Assets: |
Inventory | $ | 35.6 |
Property, plant and equipment | 26.2 |
Goodwill | 325.0 |
Intangible assets | 541.7 |
Total assets held-for-sale | $ | 928.5 |
Income from operations of the disposed business for the periods ended December 31, 2016 and December 26, 2015 was as follows:
| Three Months Ended
| December 31, 2016 | December 26, 2015
Income from operations | $ | 28.6 |  | $ | 27.1 |
The Company believes that the sale of its blood screening business to Grifols constitutes an asset sale under the Credit Agreement and that, subject to the terms and limitations set forth in the Credit Agreement, the Company is permitted to use the after tax net proceeds to reinvest in its business. The Company is then required to apply the balance of net available cash, unless otherwise consented to by its lenders, to Mandatory Prepayments as defined in the Credit Agreement.

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