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
Colorcon Ventures, the corporate venture fund of Colorcon Inc., has invested in VeriSIM Life, a San Francisco-based startup with a digital bio-simulation platform that accelerates drug development and reduces animal testing.
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Sanofi has ended a long-running alliance with Sangamo Therapeutics to develop genetic medicines for inherited blood disorders, among them an experimental sickle cell disease therapy that is in early clinical testing.
The two have been developing complex, personalized treatments, led by a sickle cell drug known as SAR445136. But Sanofi is now more interested in off-the-shelf approaches, which are meant to be more convenient.