GE to Acquire Cell Culture Media Firm
GE stated that the acquisition complements its protein purification business and will result in an integrated offering, which will benefit smaller companies and government institutions by reducing the cost of entry for biomanufacturing. It also stated that PAA has one of the largest powder media–producing facilities in the world.
Chalfont St. Giles, UK 8/16/11—GE Healthcare has entered into an agreement to acquire PAA Laboratories, a developer and supplier of cell culture media for biomedical research and biopharmaceutical and vaccine manufacturing. Financial details were not disclosed. Headquartered in Pasching, Austria, with 215 employees, PAA had 2010 revenues of $55 million. “GE Healthcare Life Sciences is well known for its expertise in the ‘downstream’ processes of biopharmaceutical manufacturing. Adding ‘upstream’ capabilities will enable us to provide an end-to-end, fully integrated service to our customers,” stated Kieran Murphy, president and CEO of GE Healthcare Life Sciences. The transaction is expected to close in the third quarter.
