Danaher Corporation

10/21/2019 | Press release | Distributed by Public on 10/20/2019 23:04

Danaher Reaches Agreement To Sell Certain Businesses To Sartorius AG As Part Of The GE Biopharma Acquisition Regulatory Process

Danaher Reaches Agreement To Sell Certain Businesses To Sartorius AG As Part Of The GE Biopharma Acquisition Regulatory Process

WASHINGTON, Oct. 21, 2019/PRNewswire / -- Danaher Corporation (NYSE: DHR) today announced that it has signed an agreement to sell its label-free biomolecular characterization, chromatography hardware and resins, and microcarriers and particle validation standards businesses to Sartorius AG for approximately $750 million. The combined revenue of the businesses, which are part of Danaher's Life Sciences segment, was approximately $140 millionin 2018.

Danaher entered into the agreement to sell these businesses as a step towards obtaining regulatory approval for its pending acquisition of the GE Biopharma business, and the closing of the Sartorius AG agreement is conditioned upon Danaher's closing its acquisition of the GE Biopharma business. Danaher's acquisition of the GE Biopharma business, the proposed regulatory remedies (the package of businesses being sold), the approval of Sartorius as the buyer in such remedies, and Sartorius' acquisition described above all remain subject to approvals from various regulatory authorities.

Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, 'This represents a significant step in the regulatory process toward closing the GE Biopharma acquisition. While timing around meeting all closing conditions, including regulatory approvals, is still uncertain, we remain very encouraged by the progress to date and expect closing of the transaction in the first quarter of 2020.'

ABOUT DANAHER

Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands has leadership positions in the demanding and attractive health care, environmental and applied end-markets. With more than 20 operating companies, Danaher's globally diverse team of approximately 71,000 associates is united by a common culture and operating system, the Danaher Business System, and its Shared Purpose, Helping Realize Life's Potential. For more information, please visit www.danaher.com.

FORWARD-LOOKING STATEMENTS

Statements in this release that are not strictly historical, including statements regarding the proposed sale of the product lines identified above, the acquisition of GE Biopharma, the expected timetable for completing the acquisition of GE Biopharma, anticipated regulatory approvals relating to the acquisition of GE Biopharma and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, are 'forward-looking' statements within the meaning of the U.S. federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, general economic conditions and conditions affecting the industries in which Danaher and GE Biopharma operate; the uncertainty of regulatory approvals and the timing or conditionality thereof; the parties' ability to satisfy the acquisition agreement conditions and consummate the transaction on the anticipated timetable or at all; Danaher's ability to successfully integrate GE Biopharma's operations and employees with Danaher's existing business; and GE Biopharma's performance and maintenance of important business relationships. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2018 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for the first quarter of 2019 and second quarter of 2019. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

These factors include, among other things, the uncertainty of regulatory approvals with respect to the GE Biopharma acquisition and the timing or conditionality thereof, the parties' ability to satisfy the acquisition agreement conditions and consummate the acquisition of GE Biopharma on the anticipated timetable and terms or at all, Danaher's ability to successfully integrate GE Biopharma's operations and employees with Danaher's existing business, the ability to realize anticipated financial, tax and operational synergies and benefits, GE Biopharma's performance and maintenance of important business relationships.

SOURCE Danaher Corporation

For further information: Matthew E. Gugino, Vice President, Investor Relations, Danaher Corporation, 2200 Pennsylvania Avenue, N.W., Suite 800W, Washington, D.C. 20037, Telephone: (202) 828-0850, Fax: (202) 828-0860