Thermo Fisher To Sell Cell Culture, Gene Modulation & Magnetic Beads Businesses

(RTTNews) - Laboratory equipment maker Thermo Fisher Scientific (TMO) has agreed to sell its cell culture (sera and media), gene modulation and magnetic beads businesses to GE Healthcare, a unit of General Electric Co. (GE), for around $1.06 billion. The businesses would be part of GE Healthcare's Life Sciences unit.

The combined revenue of the three businesses, that are mainly part of Thermo Fisher's Analytical Technologies Segment, is likely to be about $250 million in 2013. Thermo Fisher committed to sell these businesses to expedite approval of its pending acquisition of Life Technologies Corp. (LIFE) by the European Commission.

The acquisition remains subject to additional regulatory approvals, including the U.S. Federal Trade Commission or FTC. Based on its talks with the FTC, Thermo Fisher does not believe any additional divestures would be needed to receive U.S. approval. The company said it is working with the remaining jurisdictions to get the required approvals to close the acquisition at the earliest possible, and still anticipates to close in early 2014.