GE HealthCare to acquire Sofie Biosciences for $945 million
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GE HealthCare Technologies agreed to acquire Sofie Biosciences from private-equity firm Trilantic North America for $945 million in cash, the company said Monday. Sofie Biosciences, headquartered in Dulles, Virginia, runs a network of dedicated pharmacies that manufacture and deliver the radioactive tracer agents used in positron emission tomography, or PET, imaging. Once administered to patients, the tracers enable clinicians to visualize tumors and other internal structures during PET imaging. The deal will give GE HealthCare U.S. rights to FAPI-74, a PET radiotracer in Phase III clinical trials with potential uses for detecting a broad range of cancers. GE HealthCare said it already holds rights to the tracer outside the U.S. GE HealthCare's pharmaceutical diagnostics division, whose products include the contrast agents administered during PET scans, brought in $2.9 billion in revenue last year. That unit posted roughly 15% revenue growth in the second quarter and represents approximately 16% of GE HealthCare's overall sales, according to The Wall Street Journal. "It's the fastest-growing segment of our business today, radiopharmaceuticals," Kevin O'Neill, head of GE HealthCare's pharmaceutical diagnostics business, told The Wall Street Journal. "This is why it's important to invest in this segment." Following the close of the transaction, Sofie Biosciences will continue...
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