AUBAGNE, France--(BUSINESS WIRE)--Regulatory News:
Sartorius Stedim Biotech (SSB) (Paris:DIM) has agreed to acquire parts of Danaher’s Life Science portfolio as part of a broader transaction between Danaher and Sartorius Group, SSB’s major shareholder. The total purchase price is approximately $750 million in cash of which about a quarter will be allocated to the businesses purchased by SSB. The final purchase price allocation will be subject to the closing process.
The businesses to be acquired by SSB had combined sales turnover of approximately $70 million in 2018 and strong double-digit profit margins. They employ approximately 110 people worldwide. The proposed transaction is expected to be completed in the first quarter of 2020 and is subject to customary closing conditions and the successful acquisition of the GE Biopharma business by Danaher.
“The portfolio proposed for acquisition represents an excellent strategic fit with Sartorius Stedim Biotech”, said SSB’s Chairman of the Board and CEO Dr. Joachim Kreuzburg. “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.”
The portfolio proposed to be acquired includes two businesses that are currently part of Danaher’s Life Science platform:
The chromatography business addresses an essential step in downstream bioprocessing and encompasses multi-use and single-use equipment as well as columns and resins. The business employs approximately 100 people at its sites in Europe and the US.
The SoloHill business includes mainly a microcarrier technology and particle validation standards used in cell culture and other bioprocesses. It is located in Ann Arbor, Michigan, US, and employs approximately 10 employees.
This proposed transaction, Danaher’s acquisition of the GE Biopharma business, the proposed regulatory remedies (the package of assets being sold) for Danaher’s acquisition of the GE Biopharma business, and Sartorius as the buyer in such remedies, are all subject to approvals from various regulatory authorities.
This press release contains forward-looking statements about the future development of the Sartorius Stedim Biotech Group. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Sartorius Stedim Biotech assumes no liability for updating such statements in light of new information or future events.
This is a translation of the original French-language press release. Sartorius Stedim Biotech shall not assume any liability for the correctness of this translation. The original French press release is the legally binding version.
A profile of Sartorius Stedim Biotech
Sartorius Stedim Biotech is a leading international partner of the biopharmaceutical industry. As a total solutions provider, the company helps its customers to manufacture biotech medications safely, rapidly and economically. Headquartered in Aubagne, France, Sartorius Stedim Biotech is quoted on the Eurolist of Euronext Paris. With its own manufacturing and R&D sites in Europe, North America and Asia and an international network of sales companies, Sartorius Stedim Biotech has a global reach. The Group has been annually growing by double digits on average and has been regularly expanding its portfolio by acquisitions of complementary technologies. In 2018, the company earned sales revenue of €1,212.2 million and currently employs more than 6,000 people.