GE Healthcare, an operating segment of General Electric Company ( GE ), recently completed the acquisition of Thermo Fisher Scientific Inc. 's ( TMO ) gene modulation, HyClone cell culture and magnetic beads businesses for about $1.06 billion.
HyClone is used to manufacture vaccines and drugs that treat diseases. The gene modulation business complements the existing drug discovery work of GE Healthcare. The magnetic beads unit will help GE Healthcare in the areas of protein analysis and diagnostic. In 2013, the three acquired businesses generated combined annual revenues of approximately $250 million.
The acquisition is in line with General Electric's strategy to invest in high-technology, innovative businesses that deliver strong top-line growth and expand margins. It will help the company to expand and accelerate the development of innovative technologies for cell biology research, cell therapy and for the manufacture of innovative biological medicines and vaccines.
The units will become an integral part of GE Healthcare, and will enable it to offer new medicines, vaccines and diagnostics as part of its expanding life sciences business.
Life science is one of the strongest and fastest-growing business areas and the strategic purchase will help General Electric deliver better healthcare services at lower costs. In addition to giving a fillip to its growing life science business, the acquisition will extend General Electric's bio processing manufacturing footprint in Asia, the Americas and Europe.
General Electric is one of the largest and most diversified technology and financial services corporations in the world with products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content, and industrial products. Its segments include Energy Infrastructure, Aviation, Healthcare, Transportation, Home & Business Solutions and GE Capital.
GE Healthcare provides transformational medical technologies and services to meet the demand for increased access, enhanced quality and affordable healthcare facilities across the globe.