FAIRFIELD (dpa-AFX) - Diversified conglomerate General Electric Co.'s (GE) unit, GE Healthcare, has completed the acquisition of Thermo Fisher's (TMO) HyClone cell culture media and sera, and gene modulation and magnetic beads businesses for $1.065 billion. This transaction allows GE to expand its offering of tools, technologies and services for the discovery and manufacture of innovative new medicines, vaccines and diagnostics in its growing Life Sciences business, according to the company.
Commenting on the purchase, Kieran Murphy, President and Chief Executive of GE Healthcare's Life Sciences business said: 'Through this acquisition we immediately expand our cell culture media production capabilities in Asia, the Americas and Europe, enabling us to offer the biopharmaceutical industry greater confidence in the security of supply of a key part of their production process.'
Copyright RTT News/dpa-AFX