GE Healthcare, Geron to develop stem cell products
(Reuters) – Geron Corp (GERN) and General Electric Co (GE) unit GE Healthcare said they agreed to develop and market embryonic stem cell products for use in drug discovery, development and toxicity screening.
The companies said the program will use stem cells derived from human embryonic stem cell lines listed on the National Institutes of Health’s Human Pluripotent Stem Cell Registry, but did not disclose the financial terms of the deal.
The first products developed in the alliance are expected to be available by early 2010, with a pipeline of products to follow, the companies said.
According to the agreement, GE Healthcare will have an exclusive license under Geron’s intellectual property portfolio that covers the growth and differentiation of human embryonic stem cells.
GE Healthcare will fund the research and development program and will be responsible for manufacturing, sales and distribution of the products developed under the agreement, the companies said in a joint statement.
Stem cells are the body’s master cells that give rise to all the tissues, organs and blood. Embryonic stem cells, derived from days-old embryos, are considered the most powerful kinds of stem cells, as they have the potential to give rise to any type of tissue.
Shares of Geron were up 23 percent in pre-market trade from their Monday’s close of $6.69 on Nasdaq. GE shares were up 1 percent from their close of $11.76 on the New York Stock Exchange. (Reporting by Esha Dey in Bangalore; Editing by Jarshad Kakkrakandy)
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