Many experts were impressed when General Electric Co. ponied up $587 million to acquire pathology testing company Clarient, Inc., in October 2010. Now comes further insight behind this transaction. At an investment conference in Boston on November 3, John Dineen, CEO of GE Healthcare, told the audience that his company—currently generating revenue of $2.4 billion per year in molecular-based medicine—wants to double that number in three to five years.
MORE ON: GE’s Plans
GE Healthcare has big plans for tissue-based molecular testing. “We’re going to put a lot of our resources, both organically and inorganically into the tissue-diagnostic side of this,” declared Dineen in his remarks at the Goldman Sachs Group Inc., conference in Boston. He indicated that GE Healthcare is devoting about 20% of its research budget to this goal. Dineen went on to say, “We’re diagnosing at a biological level, not a physiology level. We’ve gone from a physiology, which is ‘look at the brain, look at the tumor,’ to ‘let’s understand what’s going on in the cells of this tumor. What signals is it sending? What’s going on metabolically?’ It’s another level of resolution.” GE Healthcare expects annual growth rates to be 10% or more in molecular medicine.
LABOTIX ACQUIRES iLAS, INC.
Today it was announced that LABOTIX Automation, Inc., of Peterborough, Ontario, acquired Integrated Laboratory Automation Solutions, Inc. (iLAS) of Troy, Michigan. The acquisition expands the portfolio of open lab automation solutions that LABOTIX can offer to clinical laboratories.
- Agendia V.P., appointed David Macdonald as CEO. He has been COO at Agendia since April 2010. MacDonald previously held executive positions at Quest Diagnostics Incorporated, Nichols Institute, Behring Diagnostics, and Nova Biomedical.
- Atherotech Diagnostics Lab of Birmingham, Alabama, recently named Sarah Schiltz to be Vice President of Marketing. She was most recently at diaDexus and has held positions at Cholestech Corporation (now Alere) and Genzyme Diagnostics.
Dark Daily Update
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…how and why accreditation and CLIA inspection activities are getting tougher for clinical laboratories and pathology groups as federal and state regulators seek to improve lab compliance and performance.
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