General Electric Co is to buy Swedish medical company Biacore to complement its own healthcare division GE Healthcare, the two companies have announced.
The Fairfield, Connecticut-based GE will purchase Biacore, which specialises in instruments for medical research, for 3.22 billion Swedish kroner ($438 million).
AdvertisementPharmaceutical company Pfizer Inc, which holds a 41 percent stake in Uppsala, Sweden-based Biacore, supports the bid, according to GE.
"We are extremely excited about Biacore's prospects," GE Healthcare chief executive Joe Hogan said in a statement. "Our joint offerings will create added value for our customers in biomedical and drug discovery research."
(Source: IANS News)