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GE Healthcare acquires Biacore Int値. for $390 million
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.