US General Electric Company plans to add cell therapy business
General Electric Company (GE) plans to build a $1 billion business to provide an important production tool for emerging cell therapies.
GE announced on Wednesday that it has acquired Biosafe Group, a Swiss supplier of cell processing systems, and the specific acquisition price has not been disclosed. Founded in 1997, Biosafe will bring GE 85 new employees and approximately 230 customers, doubling the GE Cell Therapy staff and sales.
GE Flannery, head of GE's medical division, believes that by acquiring Biosafe, GE has gained an important part in the cell therapy supply chain. He said: "We want to further expand the life sciences, especially the cell therapy business."
John Flannery said: "This will more than double our existing capacity in cell therapy, and we believe that the scale of cell therapy in the next decade will easily reach more than $1 billion."
GE's medical business has reached $18 billion/year, and the company believes that using cells to fight cancer will be a huge opportunity for high margins. GE speculates that there are currently 375 T-cell therapies being actively promoted, and seven companies with a total market capitalization of $17 billion focus on CAR-T therapy.
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