WASHINGTON, Oct. 21, 2019 /PRNewswire/ -- Danaher Corporation
(NYSE: DHR) today announced that it has signed an agreement to sell
its label-free biomolecular characterization, chromatography
hardware and resins, and microcarriers and particle validation
standards businesses to Sartorius AG for approximately $750 million. The combined revenue of the
businesses, which are part of Danaher's Life Sciences segment, was
approximately $140 million in
2018.
Danaher entered into the agreement to sell these businesses as a
step towards obtaining regulatory approval for its pending
acquisition of the GE Biopharma business, and the closing of the
Sartorius AG agreement is conditioned upon Danaher's closing its
acquisition of the GE Biopharma business. Danaher's acquisition of
the GE Biopharma business, the proposed regulatory remedies (the
package of businesses being sold), the approval of Sartorius as the
buyer in such remedies, and Sartorius' acquisition described above
all remain subject to approvals from various regulatory
authorities.
Thomas P. Joyce, Jr., President
and Chief Executive Officer, stated, "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."
ABOUT DANAHER
Danaher is a global science and technology innovator committed
to helping its customers solve complex challenges and improving
quality of life around the world. Its family of world class brands
has leadership positions in the demanding and attractive health
care, environmental and applied end-markets. With more than 20
operating companies, Danaher's globally diverse team of
approximately 71,000 associates is united by a common culture and
operating system, the Danaher Business System, and its Shared
Purpose, Helping Realize Life's Potential. For more
information, please visit www.danaher.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical,
including statements regarding the proposed sale of the product
lines identified above, the acquisition of GE Biopharma, the
expected timetable for completing the acquisition of GE Biopharma,
anticipated regulatory approvals relating to the acquisition of GE
Biopharma and any other statements regarding events or developments
that we believe or anticipate will or may occur in the future, are
"forward-looking" statements within the meaning of the U.S. federal
securities laws. There are a number of important factors that could
cause actual results, developments and business decisions to differ
materially from those suggested or indicated by such
forward-looking statements and you should not place undue reliance
on any such forward-looking statements. These factors include,
among other things, general economic conditions and conditions
affecting the industries in which Danaher and GE Biopharma operate;
the uncertainty of regulatory approvals and the timing or
conditionality thereof; the parties' ability to satisfy the
acquisition agreement conditions and consummate the transaction on
the anticipated timetable or at all; Danaher's ability to
successfully integrate GE Biopharma's operations and employees with
Danaher's existing business; and GE Biopharma's performance and
maintenance of important business relationships. Additional
information regarding the factors that may cause actual results to
differ materially from these forward-looking statements is
available in our SEC filings, including our 2018 Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q for the first quarter
of 2019 and second quarter of 2019. These forward-looking
statements speak only as of the date of this release and except to
the extent required by applicable law, the Company does not assume
any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events and
developments or otherwise.
These factors include, among other things, the uncertainty of
regulatory approvals with respect to the GE Biopharma acquisition
and the timing or conditionality thereof, the parties' ability to
satisfy the acquisition agreement conditions and consummate the
acquisition of GE Biopharma on the anticipated timetable and terms
or at all, Danaher's ability to successfully integrate GE
Biopharma's operations and employees with Danaher's existing
business, the ability to realize anticipated financial, tax and
operational synergies and benefits, GE Biopharma's performance and
maintenance of important business relationships.
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SOURCE Danaher Corporation