Danaher Corporation acquires GE Biopharma (Cytiva)

Danaher Corporation acquired GE Biopharma (Cytiva) for approximately $21.4 billion cash purchase price (net purchase price ~$20 billion after anticipated tax benefits; ~17x expected 2019 EBITDA), a transaction completed in March 2020, structured as all cash (equity and asset purchase agreement). The deal was a Carve-out.

GE Biopharma (Cytiva) operates in Life Sciences (bioprocessing), is based in Marlborough, Massachusetts, USA (carved out of General Electric Company), had revenue of about approximately $3.2 billion expected annual revenue in 2019, ~75% recurring. GE Biopharma — renamed Cytiva at close — is a leading provider of instruments, consumables and software supporting the research, discovery, process development and manufacturing workflows of biopharmaceutical drugs, comprising process chromatography hardware and consumables, cell culture media, single-use technologies, development instrumentation and consumables, and service.

GE Biopharma is renowned for providing best-in-class bioprocessing technologies and solutions, bringing a highly innovative, industry-leading product suite to Danaher's Life Sciences portfolio and an excellent complement to its biologics workflow solutions.

approximately 75% recurring revenue; ~17x expected 2019 EBITDA (net ~$20B after tax benefits) stand-alone operating company within Danaher's Life Sciences segment (joining Pall, Beckman Coulter Life Sciences, SCIEX, Leica Microsystems, Molecular Devices, Phenomenex and IDT); rebranded Cytiva

Advisory firms were not disclosed for this transaction.