GE acquires strategic assets from Thermo Fisher Scientific to expand in life sciences

Written by FE Online | Updated: Jan 7 2014, 22:58pm hrs
GE HealthcareGE Healthcare will also acquire Thermo Fisher?s gene modulation technologies (AP)
GE and Thermo Fisher Scientific announced today that they have entered into an agreement for GE Healthcare to acquire Thermo Fishers HyClone cell culture media and sera, and gene modulation and magnetic beads businesses for approximately $1.06 billion. The acquisition will allow GE to expand its offering of technologies for the discovery and manufacturing of innovative new medicines, vaccines and diagnostics in its growing Life Sciences business.

The complementary product offerings and strong strategic fit of the acquired businesses will enable GE Healthcare to expand and accelerate the development of innovative end-to-end technologies for cell biology research, cell therapy and for the manufacture of innovative biological medicines and vaccines. The acquisition is consistent with GEs strategy to invest in high-technology, innovative businesses that deliver strong top-line growth and expanded margins. GEs acquisition of the businesses, which is subject to regulatory approvals, is anticipated to close in the first part of 2014.

John Dineen, President and CEO, GE Healthcare said, Life Sciences is one of our strongest and fastest-growing business areas, driven by the worlds demand for improved diagnostics and new, safer medicines. Combining GEs engineering expertise with our capabilities in life sciences is already bringing great benefits to industry, research and patients. This deal makes a good business even better and will help us realize our vision of bringing better healthcare to more people at lower cost.

GE Healthcare will also acquire Thermo Fishers gene modulation technologies, which strongly complement GEs established technologies for drug discovery research, and the innovative Sera-Mag magnetic beads product line, which extends GEs existing technologies in protein analysis and medical diagnostics.

Kieran Murphy, President and CEO of GE Healthcares Life Sciences division said, We look forward to the HyClone cell culture and other businesses joining the GE family. They are a great fit with our key areas of focus, and bring exciting new technologies, enhanced manufacturing capabilities as well as a great group of talented people to help grow our business.

In addition to providing us with new approaches to drug discovery and biomedical research, Murphy said, this acquisition is a significant step forward for our customers in biopharmaceutical manufacturing. They will benefit immediately from an expanded range of start-to-finish technologies that will help them improve product yields and reduce time-to-market. By expanding our production facilities to three continents, we will be able to offer the biopharmaceutical industry greater confidence in the security of supply of cell culture media and sera, a key part of their production process.