It's official: GE Healthcare of Chalfont St. Giles, U.K., this afternoon announced a bid to expand its presence in the diagnostic products market by acquiring two businesses operated by Abbott Laboratories of Abbott Park, IL.
GE's interest in the Abbott firms had been the subject of speculation in the financial press earlier in the day. In confirming the rumors, GE said it would pay $8.13 billion for Abbott's in vitro diagnostics and point-of-care diagnostics businesses. The deal does not include Abbott's molecular and diabetes-care units.
GE said the two properties complement its own positions in medical imaging equipment, as well its activities in molecular imaging, information technology, and patient monitoring. Abbott's in vitro diagnostics business, including the point-of-care unit, is expected to generate net sales of approximately $2.7 billion for 2006.
The deal is expected to close in the first half of 2007, and is subject to the approval of regulatory authorities.
By AuntMinnie.com staff writers
January 18, 2007
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