The business will invest $21 million to renovate a currently unoccupied space near its manufacturing facility in neighboring Westborough, MA. Both cities are about 30 miles outside of Boston, MA. The headquarters are set to open in spring 2015.
New Jersey is home to many of the major pharmaceutical companies, so the move can be seen as symbolic shift away from Big Pharma and toward med tech innovation, which has found a home in Boston, MA. The venture capital arm of General Electric, GE Ventures, has several healthcare-focused partners and is based in Menlo Park, CA.
GE Chairman and CEO Jeff Immelt characterized the company's healthcare business as "gaining share behind several big product launches" at the company's most recent conference call in July. The company's healthcare business had $4.5 billion in revenues during the second quarter, which was flat from the prior year's quarter. It's been busy making acquisitions this year including healthcare workforce management software company API Healthcare for $340 million in cash in February and life science assets from Thermo Fisher Scientific for $1.1 billion in cash in March. GE Life Sciences is a division of GE Healthcare that's focused on life science research tools.
GE already employs about 250 people in Marlborough at the former site of Xcellerex, a biopharma manufacturing tech company it acquired in 2012, and at its bioprocessing and diagnostics operation in Westborough, according to the Boston Globe.
"Marlborough continues to be a center for innovation,"
GE Healthcare Life Sciences is moving from Piscataway, NJ. This, as well as a Princeton, NJ, site, will be shuttered; they employ as many as 450 people, an Xconomy story noted. Many of these people will be offered relocation packages, it said.
The new hires at Marlborough are expected to include a number of skilled positions including lab technicians, biologists, medical doctors, process engineers and customer service representatives. GE Healthcare Life Sciences employs over 11,500 people in more than 100 countries.
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