Thermo Fisher Scientific Reaches Agreement to Sell its Cell Culture, Gene Modulation and Magnetic Beads Businesses to GE Healthcare
Thermo Fisher Scientific Inc.Media Contact Information: Karen Kirkwood, 781-622-1306 or Investor Contact Information: Ken Apicerno, 781-622-1294
Thermo Fisher Scientific (NYSE:TMO), the world leader in serving science, today announced that it has signed an agreement to sell its cell culture (sera and media), gene modulation and magnetic beads businesses to GE Healthcare, a unit of General Electric Company (NYSE: GE), 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 committed to sell these businesses to expedite approval of its pending acquisition of Life Technologies Corporation (NASDAQ: LIFE) by the European Commission.
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 does not believe any additional divestitures will be required in order to receive U.S. approval. The company 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 in early 2014.
Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science. Our mission is to enable our customers to make the world healthier, cleaner and safer. With revenue of $13 billion, we have 39,000 employees and serve customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as in environmental and process control industries. We create value for our key stakeholders through three premier brands, Thermo Scientific, Fisher Scientific and Unity Lab Services, which offer a unique combination of innovative technologies, convenient purchasing options and a single solution for laboratory operations management. Our products and services help our customers solve complex analytical challenges, improve patient diagnostics and increase laboratory productivity. Visit .
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions including economic conditions in the countries in which Thermo Fisher and Life Technologies sell products, and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of exchange rate fluctuations on international operations; the effect of healthcare reform legislation; use and protection of intellectual property; the effect of changes in governmental regulations; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to the transaction may not materialize as expected; the transaction not being timely completed, if completed at all; prior to the completion of the transaction, Life Technologies' business experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities; difficulty retaining certain key employees; and the parties being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in Thermo Fisher's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, Quarterly Report on Form 10-Q for the quarter ended September 28, 2013 and recent current reports on form 8-K, which are on file with the SEC and available in the "Investors" section of Thermo Fisher's website under the heading "SEC Filings," and in Life Technologies' Annual Report on Form 10-K for the fiscal year ended December 31, 2012, Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 and recent current reports on form 8-K, each of which are on file with the SEC and available in the "Investor Relations" section of Life Technologies' website under the heading "SEC Filings". While Thermo Fisher or Life Technologies may elect to update forward-looking statements at some point in the future, each of Thermo Fisher and Life Technologies specifically disclaims any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing either of Thermo Fisher's or Life Technologies' respective views as of any date subsequent to today.