GE Healthcare Acquires Wave Biotech LLC, Broadening Capabilities in Growing Biopharmaceutical Manufacture Segment

CHALFONT ST. GILES, England--(BUSINESS WIRE)--Apr 16, 2007 - GE Healthcare, a unit of General Electric Company (NYSE:GE), today announced it has acquired Wave Biotech LLC, a supplier of innovative disposable manufacturing technologies for the biopharmaceutical industry. The acquisition of Wave Biotech LLC including its subsidiary Wave Europe Pvt. Ltd. will allow GE Healthcare to expand its offering of products and services for the manufacture of biopharmaceuticals such as antibodies and vaccines. Financial terms were not disclosed.

Wave Biotech develops and manufactures unique bioreactors which are designed to replace traditional and more expensive stainless steel tanks and piping. The patented products offer considerable advantages such as more rapid installation, potentially reducing time to market, and significantly lower costs by eliminating the need for cleaning and validating between batches. The equipment is already in use in over three hundred companies worldwide. Wave Biotech single use bioreactors are also increasingly being used to enable the manufacture of patient-specific cell and gene therapy products.

Ann O'Hara, General Manager of GE Healthcare's BioProcess business, said "Wave Biotech is an excellent company with a strong track record of innovation and a product range that is highly complementary with our existing BioProcess business. The combination of GE Healthcare and Wave Biotech will allow us to expand into new applications and to create a broad offering of added value tools and services for biopharmaceutical manufacture."

"We are very excited to be part of GE Healthcare, who already offer a broad range of technologies and services to the biopharmaceutical manufacturing industry" said Dr. Vijay Singh, President and founder of Wave Biotech. "Our customers will benefit greatly from the global presence and the R&D resources that GE Healthcare brings to the table. The integration of single-use cell culture with GE Healthcare's existing filtration and downstream operations will provide a host of new disposable solutions to this growing industry."

About GE Healthcare

GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems performance improvement, drug discovery, and biopharmaceutical manufacturing technologies is helping clinicians around the world re-imagine new ways to predict, diagnose, inform, treat and monitor disease, so patients can live their lives to the fullest.

GE Healthcare's broad range of products and services enable healthcare providers to better diagnose and treat cancer, heart disease, neurological diseases and other conditions earlier. Our vision for the future is to enable a new "early health" model of care focused on earlier diagnosis, pre-symptomatic disease detection and disease prevention. Headquartered in the United Kingdom, GE Healthcare is a $17 billion unit of General Electric Company (NYSE:GE). Worldwide, GE Healthcare employs more than 46,000 people committed to serving healthcare professionals and their patients in more than 100 countries. For more information about GE Healthcare, visit our website at www.gehealthcare.com.

About Wave Biotech LLC

Wave Biotech is a research-based company that develops and manufactures innovative process equipment for the pharmaceutical and biotechnology industry. Our focus is on developing disposable bioprocess equipment for operations traditionally requiring stainless-steel tanks and piping. Key products, such as the Wave Bioreactor, Wave Mixer, and Sterile Tube Fuser, feature disposable contact materials that eliminate cleaning and validation, thereby reducing costs in operations ranging from cell culture, media preparation, buffer dissolution, thawing process intermediates to patient-specific cell therapy in hospitals. These unique, patented, devices can be installed and commissioned rapidly, drastically reducing the time-to-market for biological products. This equipment is in use with hundreds of companies worldwide, both for R&D and commercial applications. Wave Biotech employs approximately 70 people worldwide and operates R&D and manufacturing facilities in Somerset, New Jersey. Wave Biotech's annual revenues are approximately $25 million. Dr. Vijay Singh, President and founder of Wave Biotech, will continue to operate the business from the Somerset facility. More information is available at www.wavebiotech.com.

Contact

GE Healthcare
Europe, Asia, Australasia
Dr Val Jones
val.jones@ge.com
+44 7917 175-192
+44 1494 498052
or
Americas
Arvind Gopalratnam
arvind.gopalratnam@ge.com
+1 414 721-2429
+1 262 501-0777
or
Wave Biotech LLC
Daniella Kranjac
dkranjac@wavebiotech.com
+1 732 302-3100

Posted: April 2007


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