The transaction is expected to be completed in the first quarter of 2020 and is subject to customary closing conditions
Image: SSB to acquire Danaher’s certain businesses for $750m. Photo: Courtesy of Akshay93 from Pixabay.
Sartorius Stedim Biotech (SSB) has agreed to acquire certain assets of Danaher’s Life Science portfolio for a consideration of approximately $750m in cash, subject to the closing conditions.
As part of the transaction, SSB would acquire Danaher’s label-free biomolecular characterisation, chromatography hardware and resins, and the SoloHill businesses. The businesses are set to have a combined sales turnover of approximately $70m and strong double-digit profit margins.
SSB board chairman and CEO Joachim Kreuzburg said: “The portfolio proposed for acquisition represents an excellent strategic fit with Sartorius Stedim Biotech. With the chromatography hardware and resins and the microcarrier businesses we broaden our strong bioprocessing offering, particularly in the downstream area.
“We look very much forward to welcoming the new teams to Sartorius and to jointly combine our capabilities for the benefit of our biopharma and life science customers.”
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The company said that the chromatography business marks an essential step in downstream bioprocessing, covering multi-use and single-use equipment along with columns and resins, and employs approximately 100 people at its Europe and US sites.
The SoloHill business located in Ann Arbor, Michigan, US, primarily includes a microcarrier technology and particle validation standards for use in cell culture and related bioprocesses and employs approximately 10 employees.
The current transaction is essential for Danaher to obtain regulatory approval for its previously announced acquisition of the GE Biopharma, a biopharma business arm of GE Life Sciences, for $21.4bn.
The transaction is expected to be completed in the first quarter of 2020 and is subject to the fulfilment of customary closing conditions and the closing of Danaher’s acquisition of GE Biopharma.
Danaher president and CEO Thomas Joyce, Jr. said: “This represents a significant step in the regulatory process toward closing the GE Biopharma acquisition. While timing around meeting all closing conditions, including regulatory approvals, is still uncertain, we remain very encouraged by the progress to date and expect closing of the transaction in the first quarter of 2020.”