GE Healthcare to acquire cell culture products developer PAA Laboratories
17 August 2011
GE Healthcare, a maker of diagnostic imaging equipment and a $17-billion unit of General Electric Company yesterday said that it has reached an agreement to acquire PAA Laboratories that develops and supplies cell culture media for biomedical research.
PAA Laboratories, which had about $55 million in revenue last year, specialises in the manufacture and worldwide distribution of cell culture products for research, development, diagnostic and biopharmaceutical production.
The Austrian company, whose products are manufactured in its facilities in Austria, Australia and Canada, processes and manufactures sera, synthetic media, protein-free media, biochemical supplements and reagents, all of which are used as cell nutrients in cell culture technology.
According to BCC Research, the global demand for media, sera and reagents for cell culture is predicted to grow from $2.3 billion in 2009 to an estimated $3.9 billion by 2015.
PAA Laboratories' products are complementary to GE Healthcare's established technologies for cell biology research and biopharmaceutical purification. Combining the expertise of the two companies will enable GE Healthcare to offer a substantially wider range of integrated products and services to the biopharmaceutical manufacturing industry.
GE said that the acquisition is consistent with its strategy to invest in high-technology, innovative businesses that deliver strong top-line growth and expanded margins.