News | July 11, 2007

GE, Abbott Labs Call Off $8.13 Billion Diagnostics Deal

A WALL STREET JOURNAL ONLINE NEWS ROUNDUP
July 11, 2007 - General Electric Co. and Abbott Laboratories announced they have terminated GE's $8.13 billion deal to buy Abbott's primary in-vitro and point-of-care diagnostics businesses.

In separate statements, the companies said they were unable to agree on "final terms and conditions" of the proposed deal. As a result, according to GE's statement, the companies "agreed it was in the best interests of both companies to mutually terminate their agreement and discussions."

The acquisition would have marked GE's entry into what is known as "in vitro" diagnostics, or laboratory testing, while Abbott would have shed a unit growing more slowly than other parts of its business. In vitro" diagnostics generally test blood or urine for diseases from cancer to HIV. Germany's Siemens AG, a GE rival in medical equipment, entered the market last year by paying $5.3 billion for Bayer AG's diagnostic unit.

The Abbott unit had sales of roughly $2.5 billion last year. GE would also have acquired Abbott's smaller point-of-care diagnostic group, which makes testing tools used at the bedside in hospitals, among other diagnostic tools.

Source: The Wall Street Journal Online

For more information: www.gehealthcare.com and www.abbott.com

Related Content

CIRS, Dynamic Cardiac Phantom, CT, RSNA 2015

Image courtesy of CIRS Inc.

Technology | Quality Assurance (QA)| November 24, 2015
The Dynamic Cardiac Phantom is a precision instrument which mimics the translation and rotational motion of the heart...
dosimetry phantoms
News | Computed Tomography (CT)| November 23, 2015
CIRS ATOM phantoms are a full line of anthropomorphic, cross sectional ...
PACSHealth, Virtual Phantoms, partner, DoseMonitor, VirtualDose CT, radiation

VirtualDose CT screen capture courtesy of Virtual Phantoms Inc.

News | Radiation Dose Management| July 13, 2015
PHS Technologies Group LLC, a division of PACSHealth LLC, announced that it will integrate VirtualDose CT (computed...

Model 711-HN photo courtesy of CIRS

News | November 18, 2014
CIRS will feature a variety of quality assurance (QA), research and training phantoms for all radiology imaging...
The Nugget

Images Courtesy of Radcal

Technology | November 18, 2014
Radcal Corporation announced the release of its first WiFi device, the Nugget, which will be unveiled at the 2014 RSNA...
Technology | November 07, 2014
Solid Water HE is the next generation of solid water phantoms by Gammex. It is designed for both therapy and imaging...
Gammex 464, CT phantom, CT systems, scanner, torso
Technology | November 03, 2014
The Gammex 464 ...
News | August 13, 2014
 The polypill, a combination pill taken just once a day that includes key medications for secondary prevention of heart...
McKesson QICS Cardiac PACS QA Systems Cardiology Data Management
Technology | March 12, 2014
McKesson announced a cardiology solution called Qualitative Intelligence and Communication System (QICS). QICS for...
News | February 10, 2014
Fluke Biomedical, a manufacturer of biomedical test instruments, acquired Unfors RaySafe. Unfors RaySafe produces ...
Overlay Init