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
The Food and Drug Administration’s top scientist Namandjé Bumpus will assume the role of principal deputy commissioner when longtime agency leader Janet Woodcock retires from that role in early 2024, according to an announcement Thursday.
US biopharma AbbVie has agreed to acquire ImmunoGen in a deal which values the company at about $10.1 billion and gives AbbVie access to flagship cancer therapy Elahere (mirvetuximab soravtansine-gynx), a first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC), as well as a pipeline of promising next-generation ADCs.
EUROAPI today announced the appointment of David Seignolle as Chief Operating Officer, succeeding Eric Berger, and Marion Santin as Chief Legal, Compliance, and IP Officer, both joining the company’s Executive Committee. In his new role, David Seignolle will lead the transformation of the Industrial Operations organization.