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Danaher Corporation has entered into a definitive merger agreement to acquire all of the outstanding shares of common stock of Beckman Coulter at a purchase price of $83.50 per share, for a total enterprise value of approximately $6.8 billion, including debt assumed and net of cash acquired. The Beckman Coulter Board of Directors has unanimously recommended that shareholders accept the offer, which represents a premium of approximately 45% to Beckman Coulter’s closing price on December 9, 2010, the date on which market speculation began regarding a potential sale of the
Wheaton buys LSL Group
Wheaton Industries Inc has acquired Laboratory Sales Limited (LSL), a leading manufacturer and marketer of tubular glass products and laboratory consumables based in Rochdale, England. Founded in 1980, LSL also markets plastic laboratory consumables to UK’s National Health Service (NHS) and Education markets.
“This strategic investment further strengthens our position as a market leader of specialty packaging and related instruments for cell- based research, chemical compound, in vitro diagnostics, and specialty pharmaceutical markets,” said Stephen Drozdow, President and CEO of Wheaton Industries. “We were particularly attracted to LSL’s position and growth prospects in the U.K. and throughout Europe.” Drozdow noted LSL will operate as a standalone subsidiary of Wheaton Industries
Inc.Grahame Elmore, Owner and MD of LSL Group commented: “This opportunity provides LSL with a perfect partner going forward, and the excellent synergies guarantee a powerful dynamic in the marketplace that will be to the ultimate benefit of all our customers.”
TO FIND OUT MORE CIRCLE NO. 51 By Heather Hobbs Danaher to Acquire Beckman Coulter, Inc for $6.8 Billion
Company. The transaction, subject to customary conditions is expected to be completed in the first half of 2011. With annual revenues of approximately $3.7 billion, Beckman Coulter develops, manufactures and markets products that simplify, automate and innovate complex biomedical testing with its diagnostic systems found in hospitals and other clinical settings around the world. IT would become part of Danaher’s Life Sciences & Diagnostics segment, joining Danaher’s Leica, AB Sciex, Radiometer and Molecular Devices businesses. Danaher’s President and CEO, H. Lawrence Culp, Jr, said, “Beckman
Coulter is an iconic company with a great brand, broad reach and technology leadership; well positioned in the markets it serves. Beckman provides an excellent complement to our existing Life Sciences & Diagnostics businesses. Being part of Danaher, Beckman associates will have the opportunity to leverage the power of the Danaher Business System, including the processes by which Danaher accelerates growth through new product innovation and driving sales, marketing and service, as well as its strength in continuously expanding margins.”
TO FIND OUT MORE CIRCLE NO. 48 GE Healthcare Designates Life Sciences CEO
GE Healthcare, a unit of General Electric Company has announced that on 1 April 2011, Kieran Murphy will be promoted to succeed current Life Sciences President and CEO Peter Ehrenheim who will retire from GE after a transition period on July 31 2011. Kieran is currently Head of the company’s Global Commercial Operations, Life Sciences. President and CEO John Dineen said: “Peter is handing over the Life Sciences business to Kieran in great shape, with record 2010 results, a strong portfolio and ambitious growth plans. We thank Peter for his leadership, his 28-year contribution to the business, and we look forward to a smooth transition into Kieran’s hands.”
“Our Life Sciences business is a key part of GE Healthcare and its strategy. Peter has been instrumental in growing and reshaping it since taking charge in 2006. Kieran’s energy, imagination and commercial focus make him ideally suited to continue driving the business forward,” he added. Kieran joined GE
upon its acquisition of Whatman plc, where he was CEO, in 2008. Since then he has helped grow GE Healthcare’s Life Sciences business, initially as Commercial Leader for EMEA and Asia Growth Markets, and then in his current role. With more than twenty years’ commercial experience in the life sciences sector, Kieran began his pharma career with Janssen Pharmaceutical, a division of J&J. Following this with roles at Mallinckrodt and veterinary medicines business Vericore, Kieran was also served as CEO of Adprotech, Innovata plc and of Novartis’s vaccines division.
Peter Ehrenheim is retiring after a career with the company beginning in 1983 as a mechanical designer in R&D with Pharmacia, which was acquired in 1997 by Amersham International. In 2003 Peter was appointed to the Amersham executive team and upon its acquisition by GE in 2004, he was promoted to Vice President and CEO, Life Sciences.
Kieran Murphy TO FIND OUT MORE CIRCLE NO. 49
CIT and Stemina Biomarker Discovery partner in toxicology testing
CIT – Safety and Health Research Laboratories is to distribute Stemina’s devTOXTM
assay in Europe and will work with Stemina Biomarker
Discovery, Inc to validate the test for use under the REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) initiative. As early as 2012, and more particularly for volumes of one ton or more per year, REACH will require manufacturers and importers to register and test all chemicals and compositions containing chemicals. DevTOX uses human Embryonic Stem (hES) cells to test pharmaceuticals, chemicals and formulations such as cosmetics for their potential to cause birth defects if a woman is exposed during pregnancy. DevTOX is able to model human developmental toxicity
with about 90% accuracy in blinded studies of chemicals whose effect on the developing human embryo are known. “We are excited about our partnership with CIT in Europe. Stemina’s hES cell based technology combined with CIT’s more than 40 years of experience in toxicology and safety testing is a terrific combination,” said Stemina CEO, Elizabeth Donley. Dr Roy Forster, CSO of CIT added: “The partnership offers an opportunity for unique approaches to assessing the safety of candidate drugs, chemicals and consumer products. Working with Stemina, we will assure that our clients have access to the most innovative technology for evaluating the toxicity and safety of compounds.”
TO FIND OUT MORE CIRCLE NO. 50 Investors acquire major holding in Bıçakcılar
Global Capital Management Ltd, the alternative asset management arm of Global Investment House (Global), announced that its Global Buyout Fund has successfully acquired 80% of Bıçakcılar Tıbbi Cihazlar
A.Ş. and its group of companies (Bıçakcılar), leading manufacturers of medical equipment and disposables, and distributor of cardiovascular and neurosurgery products in Turkey. Bıçakcılar, said to be the largest manufacturer of I.V. cannula in the Middle East and Eastern Europe and the second largest manufacturer of catheters in Europe, exports its products to more than 70 countries. Exports grew at a CAGR of 20.1% between 2005 and 2008, whereas the Turkish medical disposables grew at a CAGR of 13.0% during the same period. The Group’s manufacturing practices are in compliance with GMP and Medical
Device Directives of the European Union and the products are certified by TUV NORD, thus bear the CE label.
On the imported and distributed products side, the Group is a significant distributor of global medical products brands such as St. Jude, Sorin Group, Medtronics, Serres and CryoLife.
Mr. Ferhat Bıçakcı said, that the partnership represents: “a crucial step towards improving Bıçakcılar’s corporate structure and realising our plans for global competitiveness. Global Capital Management’s support, and the trust they have in us will provide us with the means to expand further in the global arena and replicate our success in the Turkish market and international markets.”
TO FIND OUT MORE CIRCLE NO. 52
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