THERMO Fisher Scientific said yesterday it would sell three of its businesses to General Electric healthcare unit for $1.06bn, fulfilling a requirement for European antitrust approval to buy Life Technologies.
The EU cleared in November Thermo Fisher’s $13.6bn acquisition of Life Technologies, which will make it one of the top two genetic testing companies.
Thermo Fisher said its cell culture, gene modulation and magnetic beads businesses, expected to have combined revenue of about $250m in 2013, will become part of GE Healthcare’s life sciences business.
GE said it will use the company’s magnetic beads products, which are used in microbiology instruments, to add to its existing technologies in protein analysis and medical testing. Thermo Fisher will sell a part of its cell culture business that produces liquids supplying nutrients to animal and plant cells grown in vitro to develop antibodies and vaccines.
Thermo Fisher said it does not expect any more divestures would be necessary to receive US approval for the deal.
City A.M. Reporter