11 Jul Abbott, GE agree call off their diagnostic acquisition deal
Waukesha, Wis. – Abbott and General Electric Co. have agreed to terminate their contract for the sale of Abbott’s core laboratory and point-of-care diagnostics businesses, the two companies announced today.
The only explanation given was that the two companies were unable to agree on final terms and conditions of the proposed sale. No specifics were provided by either organization.
In January, GE and Abbott announced that they had entered into a definitive agreement for GE, the parent GE Healthcare, to acquire both of Abbott’s core laboratory diagnostics business units for $8.13 billion in cash.
The transaction, which was subject to regulatory approvals, was touted by GE Healthcare as one that would facilitate its “early health” care model, which will attempt to leverage information technology and early diagnosis to provide pre-symptomatic disease detection and disease prevention.
GE Healthcare, a $16.6 billion medical imaging company with facilities in Waukesha, also said the acquisition would broaden its diagnostic offerings, which include in vivo diagnostic imaging systems.
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