GE to acquire Thermo Fisher units for $1.06 bn

General Electric plans to acquire cell research divisions from Thermo Fischer Scientific for $1.06 billion to boost the conglomerate's health unit, the companies announced Monday.

Under the transaction, GE Healthcare will buy Thermo Fisher cell research businesses to further efforts to develop major new medicines and vaccines in life sciences.

GE said the deal would enhance its "bioprocessing footprint in Asia, the Americas and Europe."

Cell culture plays a major role in the manufacturing of medicines to treat cancer, rheumatoid arthritis and other ailments, GE said. GE will also boost its technologies in protein analysis with the deal.

"Life Sciences is one of our strongest and fastest-growing business areas, driven by the world's demand for improved diagnostics and new, safer medicines," said John Dineen, chief executive of GE Healthcare.

"This deal makes a good business even better and will help us realize our vision of bringing better healthcare to more people at lower cost."

GE recently announced plans to spin off its North American retail finance business as it seeks to emphasize its industrial business.

© 2014 AFP