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GE Healthcare acquires Biacore Int値. for $390 million
July 2006
by Jeffrey Bouley  |  Email the author
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CHALFONT ST. GILES, U.K.輸ugust 14, 2006輸t the close of the offer period for GE Healthcare's acquisition of Biacore shares, the multinational giant had received acceptances from Biacore shareholders for more than 9.5 million shares, as well as the right to acquire more than 0.7 million warrants. Together, these give control of more than 98 percent of Biacore shares to GE Healthcare. As of August 15, Biacore became a GE Healthcare subsidiary.
 
 
UPPSALA, Sweden輸s it works to grow its life sciences diviュsion, United Kingdom-based GE Healthcare, a unit of General Electric Co., has announced that it intends to acquire Biacore International AB, a leading proュvider of life science tools for proュtein research.
 
Biacore's board of directors has already unanimously recュommended that shareholders endorse the tender offer, which was expected to begin on July 10謡ith an anticipated closing of the deal in the third quarter of this year. If all goes according to current plans, GE's acquisition of all outstanding shares of Biacore will total approximately SEK2.9 billion熔r approximately $390 million in U.S. dollars熔n a fully diluted basis, net of Biacore cash and equivalents.
 
"Life sciences is a key area of growth for GE Healthcare, and Biacore is highly complemenュtary and synergistic with our existing protein sciences busiュness," says Joe Hogan, president and CEO of GE Healthcare. "We are extremely excited about Biacore's prospects and believe our joint offerings will create added value for our customers in biomedical and drug discovュery research. Expanding on GE Healthcare's expertise in this area supports our objective of helping to diagnose and treat disease earlier."
 
Biacore also stands to benefit a great deal from merging with GE Healthcare, Hogan notes, pointing out that the Swedish company will be able to capitalュize on GE Healthcare's global sales network and customer base in protein sciences and benefit from its significant investment in new technologies to accelerュate medical discoveries. Hogan predicts that GE Healthcare also will be well positioned to expand the applications for Biacore's products and technologies and expand the potential markets in which to sell those products.
 
"I believe that by combining Biacore's technology, products and brand with GE Healthcare's broad product offering, we will be able to bring significantly enhanced solutions to the life science comュmunity, where we have a number of common customers," says Erik Walld駭, president and CEO of Biacore. In addition, he notes that Biacore will be able to benefit from the additional technical and comュmercial resources of GE Healthcare to accelerate its growth, particularュly in terms of expanding its opporュtunities in protein research.
 
GE already has broad experiュence in medical imaging and inforュmation technologies, drug discovュery, medical diagnostics, patient monitoring systems, performance improvement and biopharmaceuュtical manufacturing technologies. But the company expects to gain a great deal from bringing Biacore into the fold and thus enhancing its positions in biomedical research, biomarker discovery, and drug discovery and development.
 
For example, Biacore has a highュly regarded platform in surface plasmon resonance (SPR), a key enabling technology in proteomics that reportedly gives scientists critュical insights into protein functionュality, the role of proteins in normal and diseased states, and the influュence of potential drug candidates, notes Peter Ehrenheim, CEO of GE Healthcare Life Sciences.
 
In addition, Biacore's systems are used in such areas as antibody charュacterization, biomarker discovery, small molecule characterization, biopharmaceutical development and production, where GE considュers itself to have a strong presence.
 
"Biacore is already one of the fast-growing life sciences compaュnies," Ehrenheim says, "and we hope to grow Biacore even faster by investing in new technologies and tools that help researchers in the pharmaceutical industry and academia to accelerate new discovュeries in medicine."
 
Biacore employs approximately 300 people worldwide, operating R&D and manufacturing facilities in Uppsala, Sweden, which is the same city where GE Healthcare Life Sciences business is headュquartered. Because of the synerュgies and the close geographic proxュimity, GE Healthcare intends to combine the expertise of Biacore and GE Healthcare Life Sciences to create a global center of excellence in protein science in Uppsala.
 
Code: E070601

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