Waltham, MA – Thermo Fisher Scientific says it has signed an agreement to sell its cell culture (sera and media), gene modulation and magnetic beads businesses to GE Healthcare for approximately $1.06 billion. The businesses will become part of GE Healthcare’s Life Sciences division.
The combined revenue of the three businesses, which are primarily part of Thermo Fisher’s Analytical Technologies Segment, is expected to be approximately $250 million in 2013. Thermo Fisher says it sold these businesses in order to expedite approval of its pending acquisition of Life Technologies Corporation by the European Commission.
In April 2013, Thermo announced that it had signed an agreement to acquire Life Technologies for approximately $13.6 billion. At the time, Thermo said the combination would build on both companies’ technological strengths in proteomics, genomics and cell biology.
The acquisition remains subject to additional regulatory approvals, including the U.S. Federal Trade Commission (FTC). Based on its discussions with the FTC, Thermo Fisher says it does not believe any additional divestures will be required in order to receive U.S. approval. The company says it is working with the remaining jurisdictions to obtain the approvals required to complete the acquisition as soon as possible, and continues to expect to close early this year.