GE Dharmacon’s next-gen gene editing portfolio attracts UK firm.
UK-based gene-editing firm Horizon Discovery recently disclosed its agreement to acquire Dharmacon Inc., GE Healthcare’s Colorado-based gene editing tools unit for $85 million.GE purchased Dharmacon technology along with its HyClone cell culture and Sera-Mag magnetic bead lines from Thermo Fisher Scientific in 2014 for approximately $1.6 billion ). Horizon is reportedly funding the $50 million in cash and $35 million in shares deal via the placement of 39,024,390 new, ordinary shares valued at just over $104 million.
Dharmacon is a global provider of RNAI products with a portfolio of gene-editing products that include CRISPR reagents and arrayed libraries. Horizon said the acquisition was intended to create immediate market access and to deliver gene editing and gene modulating techniques and technologies to the life-sciences industry.
Integration plans, said Horizon, call for reaching cost synergies and revenue targets within about a year by reducing/consolidating R&D spend, taking advantage of cross-selling opportunities and pooling the talent of the combined businesses. “Through the combination of complementary technology, product portfolios and manufacturing capabilities,” said Darrin Disley, CEO of Horizon, “the acquisition of Dharmacon…creates an emerging leader in the application of gene modulation technologies in life science research.”
According to Kieran Murphy, President and CEO of GE Healthcare, the company was pleased with the agreement because it combines Dharmacon’s “strong brand and technologies with the industry leading gene editing technologies, products and services of Horizon.”