General Electric Co’s healthcare unit said on Monday it would sell its information technology business to private equity firm Veritas Capital for $1.05 billion in cash as it sharpens its focus on smart diagnostics and connected devices.
The transaction is expected to close during the third quarter of 2018.
GE said in February it had a “line of sight” on the first $4 billion in asset sales under its plans for $20 billion in disposals, as it tries to shore up its financial performance.
As part of the plan, the company is looking to sell its transportation unit, which makes railway locomotives and the iconic lighting division that makes bulbs for consumers.
Morgan Stanley and Keval Health are GE’s financial advisers, while Goldman Sachs & Co. and William Blair & Co advised Veritas Capital.
Shares of the U.S. industrial conglomerate were down 2.6 percent at $13.14 in line with the broader Dow Jones Industrial Average which fell 2 percent on Monday.
By Sanjana Shivdas
Source: Reuters
Pharma and medical imaging company MedTrace announced the appointment of Nicholas Borys, M.D., as Chief Medical Officer (CMO). Dr. Borys is a skilled and experienced healthcare executive with over 25 years experience in advancing portfolios of novel therapies across diverse indications in cardiovascular, cancer, and central nervous system disease.
Eli Lilly and Company has announced a significant expansion of its manufacturing presence in Ireland, with a $1bn investment earmarked for its Limerick site. The move is aimed at boosting the company’s production of biologic active ingredients, including those for its approved Alzheimer’s treatment.
Lonza recently announced that it has completed a planned expansion of the mid-scale microbial manufacturing facility at its Visp, Switzerland site. This multi-product facility was recently granted a GMP license, allowing cGMP manufacturing and release of biologics produced using microbial fermentation.
