GE Healthcare announces $1.06 million acquisition of Thermo Fisher Scientific businesses
On Monday, January 6, General Electric Co. (GE) published a press release announcing the recent acquisition of three of Thermo Fisher Scientific's businesses for approximately $1.06 billion.
According to The Wall Street Journal, this agreement will enable GE Healthcare to expand its Life Sciences business, which began in 2003 when the company bought Amersham PLC and gained momentum in 2011 and 2012 with the acquisitions of Applied Precision Inc. and Xcellerex Inc., respectively. John Dineen, president and CEO of GE Healthcare, has been quoted saying that Life Sciences is one of the company's fastest-growing areas of business, and that this new deal with help deliver better healthcare at a lower cost.
Kieran Murphy, president and CEO of GE Healthcare's Life Sciences division, expanded upon these sentiments in GE's press release, stating the following:
"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, this acquisition is a significant step forward for our customers in biopharmaceutical manufacturing."
As evidenced by GE Healthcare's recent activity, business acquisitions can provide existing companies with the resources they need to offer new products and services and grow their revenue. If you're interested in pursuing this type of business transaction, there are experienced professionals who can walk you through the mergers and acquisitions process and ensure a smooth transition.