GE Healthcare acquires PAA Laboratories
London/Pasching –GE Healthcare vamps up its biopharmaceutical capabilities. The U.K. based unit of the U.S. technology giant General Electric, announced that it has reached an agreement to acquire the Austrian PAA Laboratories. PAA Laboratories develops and manufactures cell culture products such as media, sera, growth supplements and reagents for use in biomedical research and in the production of protein-based pharmaceuticals. GE Healthcare hopes that, with PAA, it will be able to build an integrated platform for biomedical and cellular research as well as for bio-manufacturing. "The strong strategic fit between the two businesses, combined with expanded capabilities in product development and marketing, will offer significant long-term customer benefits," the company said in a statement. The deal is expected to be closed by the third quarter of 2011, financial details were not disclosed. According to BCC Research, the global demand for media, sera and reagents for cell culture is expected to grow from USD 2.3 billion in 2009 to USD 3.9 billion by 2015.