Boston’s biggest company is going to get considerably smaller under a turnaround plan that new General Electric Co. chief executive John Flannery spelled out Monday.
Flannery billed his changes as a reinvention aimed at putting GE back on a growth track, but he stopped short of making more dramatic changes that some on Wall Street had demanded.
Most of the storied conglomerate, whose roots extend to Thomas Edison, will remain intact, and the effect on Boston will be minimal. A small Boston-based enterprise that focuses on energy efficiency will probably be eliminated, however.
At his first big presentation to investors since taking the helm in August, Flannery said GE will focus on three key industries: aviation, including jet engines; energy equipment and services; and health care products such as MRI machines. It will divest a number of businesses, shrink its board of directors, and cut its dividend in half, just the second reduction since the Great Depression.
By Jon Chesto
Source: Boston Globe
Echosens, a high-technology company offering liver diagnostic solutions, and Novo Nordisk A/S, a leading global healthcare company, announced a partnership to advance early diagnosis of non-alcoholic steatohepatitis (NASH) and increase awareness of the disease among patients, healthcare providers and other stakeholders.
Positive opinion based on Phase 3 ADAPT trial showing efgartigimod provided clinically meaningful improvements in strength and quality of life measures. If approved, efgartigimod will be the first neonatal Fc receptor (FcRn) blocker for the treatment of adults in Europe living with rare neuromuscular disease generalized myasthenia gravis (gMG).
Galapagos CEO Paul Stoffels, M.D., has finally taken the plunge on M&A. The newly minted chief executive has signed not one but two deals in an attempt to right the ship, bringing two small biotechs aboard for a combined 239 million euros ($251.4 million).
