Three-year collaboration is intended to explore diagnostic cancer procedures
By JOHN SCHMID
Posted: Oct. 1, 2007
Niskayuna, N.Y. - GE Healthcare, which built a global business in medical imaging hardware from a base in metro Milwaukee, showed how rapidly it has expanded into the emerging life-sciences industry when it announced a research venture Monday with pharmaceutical manufacturer Eli Lilly & Co.
GE Healthcare said the three-year collaboration with Lilly, meant to explore diagnostic cancer procedures that work on the molecular level, builds on GE's $9.5 billion acquisition of British biosciences group Amersham plc in 2004.
That acquisition accelerated change at GE Healthcare, broadening the company into what analysts call "personalized" and predictive medicine. Joe Hogan, president and chief executive officer of GE Healthcare, said the company often researches proteins and gene sequencing for its diagnostic business now as intensely as it does high-end scanners and ultrasounds.