GE and Thermo Fisher Scientific have entered into an agreement under which GE Healthcare will acquire Thermo Fisher’s HyClone cell culture media and sera, and gene modulation and magnetic beads businesses, for approximately $1.1 billion. The acquisition expands GE’s R&D technologies in cell biology and cell therapy for the discovery and manufacture of new drugs, vaccines and diagnostics. The acquired businesses had combined annual revenues of approximately $250 million in 2013. The acquisition, subject to regulatory approvals, is expected to close 1H14.
Thermo Fisher’s HyClone cell culture media and sera products enable GE to offer a wider range of technologies and services for cell biology research and biopharma manufacturing. Thermo’s gene modulation technologies extend GE’s technologies in protein analysis and medical diagnostics.
John Dineen, president and chef executive officer, GE Healthcare, said, “Life Sciences is one of our strongest and fastest-growing business areas, driven by the world’s demand for improved diagnostics and new, safer medicines. Combining GE’s 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.”
Kieran Murphy, president and chief executive officer of GE Healthcare’s 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.”