Danaher announces $21.4bn acquisition of General Electric Life Sciences
The Danaher Corporation announced this week plans to acquire the Biopharmaceutical business division of the General Electric Company, General Electric Life Sciences for a total cash consideration of US$21.4bn.
General Electric Life Sciences is an industry leading provider of instruments, consumables, and software that support the research, discovery, process development and manufacturing workflows of biopharmaceutical drugs. The company is expected to generate revenue of approximately $3.2bn over the course of 2019.
Danaher's President and CEO, Thomas P. Joyce, Jr., said, "GE Biopharma is renowned for providing best-in-class bioprocessing technologies and solutions. This acquisition will bring a talented and passionate team as well as a highly innovative, industry-leading product suite to our Life Sciences portfolio, providing an excellent complement to our current biologics workflow solutions."
Following the acquisition, General Electric Life Sciences will be rebranded as a stand-alone organization within Danaher's $6.5bn Life Sciences division. Also contained within this division are companies Pall, Beckman Coulter Life Sciences, SCIEX, Leica Microsystems, Molecular Devices, Phenomenex and IDT businesses.
Danaher does business as a global science and technology company, employs approximately 71,000 people around the world across approximately 20 controlled companies.
Joyce also said that, "We expect GE Biopharma to advance our growth and innovation strategy in an important and highly attractive life science market. We see meaningful opportunities to harness the power of the Danaher Business System to further provide GE Biopharma's customers with end-to-end bioprocessing solutions that help enable breakthrough development and production capabilities. We look forward to welcoming this talented team to Danaher."
The transaction is expected to close in Q4 2019 and is subject to regulatory approvals.