GE wasn't able to complete its purchase of two diagnostics units from Abbott Laboratories. Last January GE had announced that it would pay $8.1 billion for Abbott's laboratory-testing unit and blood-analysis division. For GE, the move would have greatly expanded its fast-growing healthcare division with a big effort involving in vitro diagnostics, while Abbott was looking to concentrate on more lucrative efforts of its own. GE said that it couldn't agree to a final set of terms and conditions. Analysts say that a recent warning letter regarding an Abbott facility in Irving, Texas may have been at the root of the trouble.
- see Abbott's release
- read the report from the International Herald Tribune
Abbott deal puts focus squarely on pharma. Report
GE negotiating for Abbott diagnostics unit. Report
JPMorgan, GE make healthcare acquisitions. Report