The healthcare unit of General Electric Co (GE) entered into an agreement to buy several of Thermo Fisher Scientific Inc's businesses. The total value of the deal is about $1.06 billion. This is GE's third biopharmaceutical acquisition in many years, according to The Wall Street Journal (WSJ).
The transaction with GE is expected to close early 2014. This includes the cell-culture business of Thermo Fisher, which manufactures medicines and vaccines using media and serums. The said businesses were put of for sale last year to expedite the approval of its pending acquisition of Life Technologies Corp, the report detailed.
The acquisition will expand GE's life-science offerings. It will also accelerate the development of technologies for cell therapy, biological drug manufacture, and cell biology research. GE itself does not manufacture pharmaceuticals, but makes the machines and technologies that produce medicines, the report explained.
The three newly bought businesses generated an estimated $250 million in combined revenue last year, WSJ reported.
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