GE Healthcare completes acquisition of Thermo Fisher Scientific units

GE Healthcare, an arm of the General Electric Company, has completed the acquisition of Thermo Fisher Scientific's gene modulation, HyClone cell culture and magnetic beads operations.

The deal was finalised at around $1.06 billion (640 million pounds) and complements the existing drug discovery work carried out at GE Healthcare. Last year, the three acquired businesses had annual combined annual revenue streams of approximately $250 million.

Having purchased the magnetic beads unit, GE Healthcare will be able to move into the areas of protein analysis and diagnostics, further expanding what was already one of the most diversified product line-ups in the medical devices sector. 

It is an acquisition that is in line with General Electric's strategy to invest in high-technology, innovative businesses that have already proved they can deliver strong top-line growth and expand margins. 

The units are set to become a fundamental part of GE Healthcare, leading to the development of new medicines, vaccines and diagnostics programmes.