Sartorius has signed an agreement to acquire parts of Danaher's Life Science portfolio for approximately $750 million in cash. The businesses had combined sales turnover of approximately $140 million in 2018 with a strong growth profile and double-digit profit margins. They employ around 300 people worldwide. The proposed transaction is expected to be completed in the first quarter of 2020 and is subject to customary closing conditions and the successful acquisition of the GE Biopharma business by Danaher.
The portfolio proposed for acquisition represents an excellent strategic fit with Sartorius, said Dr. Joachim Kreuzburg, Sartorius' CEO. With the Octet platform of ForteBio, we will add a broadly accepted and differentiated technology for advancing and simplifying drug discovery to our lab division's portfolio. The chromatography hardware and resins and the microcarrier businesses broaden our strong bioprocessing offering, particularly in the downstream area. We look very much forward to welcoming the new teams to Sartorius and to jointly combine our capabilities for the benefit of our biopharma and life science customers.
The portfolio proposed to be acquired includes three businesses that are currently part of Danaher's Life Science platform:
The label-free biomolecular characterization business (ForteBio) comprises innovative protein analysis instruments, biosensors and reagents that are used in drug discovery and would become part of Sartorius' bioanalytics unit within its Lab Products & Services division. The products are based on the patented biolayer interferometry technology and perform real-time analysis of biomolecular interaction. The business employs approximately 200 employees worldwide with production sites in Fremont, California, US, and Shanghai, China, and accounts for roughly half of the acquired turnover.
With the chromatography hardware and resins business, Sartorius would expand the offerings of its Bioprocess Solutions division. The business addresses an essential step in downstream bioprocessing and encompasses multi-use and single-use equipment as well as columns and resins. The unit employs approximately 100 people at its sites in Europe and...