GE Healthcare to Acquire Cellular Imaging Company Applied Precision, Inc.
• Addition of high-growth business expands GE Healthcare’s presence in Life Sciences
• Complementary capabilities in cellular imaging will advance development of technologies for cell biology research
CHALFONT ST. GILES, UK, April 28, 2011. GE Healthcare, a unit of General Electric Company (NYSE:GE), today announced it has reached an agreement to acquire Applied Precision, Inc., a supplier of innovative cellular imaging technologies for the fast-growing cell biology and biomedical research sectors. The acquisition of Applied Precision will allow GE Healthcare to expand its offering of products and services for pharmaceutical and life science research. The strategic fit between the two businesses, combined with expanded capabilities in product development and marketing, will offer significant long-term customer benefits. Financial terms were not disclosed.
Chinese hamster ovary imaged using the Applied Precision DV Elite system by Paul Goodwin, Applied Precision
Applied Precision develops and manufactures high-resolution and super-resolution microscopy instruments with software and data visualization tools that together provide scientists with detailed information on the structure and behavior of live and fixed cells. Applied Precision’s proprietary technologies are complementary to GE Healthcare’s IN Cell Analyzer Systems which are used for high-throughput sub-cellular analysis in cell biology research. The use of cellular and sub-cellular imaging technology is now central to many areas of cell biology including drug discovery and biomarker research.
Welcoming the acquisition, Kieran Murphy, President and CEO of GE Healthcare Life Sciences, said, “Applied Precision is a company with a strong reputation for innovation and is a great strategic fit with our Cell Technologies business. The combination of GE Healthcare’s expertise in cell science together with the great talent of the team at Applied Precision will help us drive development of new technologies and create an extensive offering across the full spectrum of cell biology research.”
GE Healthcare plans to retain the Applied Precision facility in Issaquah, Washington state. The acquisition is consistent with GE’s strategy to invest in high-technology, innovative businesses that deliver strong top-line growth and expanded margins.
“We are very excited to become part of GE Healthcare’s Life Sciences team,” said Joe Victor, CEO, Applied Precision. “The worldwide resources of GE Healthcare will allow us to significantly widen our reach into new markets and provide a stronger support network for our existing customers. We are thrilled to have the opportunity to jointly develop new technologies, products and applications for life sciences research. The entire Applied Precision team looks forward to joining GE.”
The acquisition, which is subject to customary closing conditions including regulatory approvals, is expected to close in Q2 2011.
About GE Healthcare
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement successful shift to sustainable healthcare systems.
Our “healthymagination” vision for the future invites the world to join us on our journey as we continuously develop innovations focused on reducing costs, increasing access and improving quality and efficiency around the world. Headquartered in the United Kingdom, GE Healthcare is a $16 billion unit of General Electric Company (NYSE: GE). Worldwide, GE Healthcare employs more than 46,000 people committed to serving healthcare professionals and their patients in more than 100 countries. For more information about GE Healthcare, visit our website at www.gehealthcare.com
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About Applied Precision
Founded in 1986, Applied Precision is a leading provider of innovative imaging, measurement and analysis systems for the life sciences industries and OEM markets. Headquartered in Issaquah, Washington, just outside of Seattle, with sales and service centers in both Europe and Asia, Applied Precision has received multiple awards for its cutting-edge products. The company employs approximately 130 people and had estimated 2010 revenues of approximately $37 million growing at a rate of over 20% per annum. More information is available at www.appliedprecision.com
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