GE Healthcare Announces $12.9 Billion Secondary Public Offering Amid Strategic Debt-for-Equity Swap

Sep 14, 2024 18:15 CST Updated 18:15

GE Healthcare

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Source: Siyu MedTech; Editor: Sophia

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On September 13, 2024, GE Healthcare (Nasdaq: GEHC) announced its15 million sharesThe secondary underwriting issuance pricing of common stock, with the per-share pricing at$86, with a total value of approximately$1.29 billion (approximately 9.15 billion RMB).The shares issued this time were not sold by GE Healthcare itself, but byGE Aerospace(A part of General Electric Company) is expected to use GEHC sharesIn exchange for the debt held by Morgan Stanley。

After the debt-to-equity swap transaction is completed, Morgan Stanley plans to sell these GEHC shares to underwriters.

GE Healthcare said in a press release that it would not sell any common stock and would not receive any proceeds from the sale of shares or debt-to-equity conversion.

In addition, the selling shareholders have granted the underwritersAdditional Purchase of 2.25 Million SharesGE HealthcareOption for Common Stock, the settlement date for this option is September 30, 2024, or earlier.

Morgan Stanley and Citigroup served as theMain Joint Account Book Manager, which is expected to close on September 16, 2024, subject to customary closing conditions.

# February, $1 billion

February 2024,GE HealthcareA stock issuance has been conducted, involving13 million sharesCommon stock, priced at $82.25 per share, with the actual price after deducting underwriting discounts being$80.605 per share, the total value of issued sharesNearly $1.07 billion。

Similarly, GE Healthcare stated that it will not sell any common stock and will not receive any proceeds from the sale of shares or debt-to-equity conversion.

Before the completion of this offering, GE expects to exchange GE HealthCare shares for GE debt held by Morgan Stanley. After the transaction is completed, Morgan Stanley intends to sell the GE Healthcare shares to the underwriters.

According to a press release, Morgan Stanley granted the underwritersWithin 30 daysThe option to purchase additional GE Healthcare shares at the public offering price minus the underwriting discount.

Morgan Stanley, Bank of America Securities, Citigroup, Evercore ISI, Goldman Sachs & Co., and JPMorgan Chase served as the underwriters for the offering.Lead Joint Bookrunner。

BNP Paribas, Crédit Agricole, HSBC, SMBC Nikko, and Société Générale also served as issuers.Joint Bookrunners.

# Latest Updates

Recently, GE Healthcare launchedTwo New Fully Automatic Breast Ultrasound Products：Invenia™ ABUS Premium (Ruyuan)Invenia™ ABUS Prime (Ru Ai).

The new product is equipped withAll-New AI Intelligent Breast Volume Ultrasound Diagnostic System, where the quick scan function enhances the overall scanning speedIncrease by 40%。

Built-inVerisound™ Artificial Intelligence Technology, capable of evaluating the quality of the scan, andAutomatic Nipple Position Marking, while also featuring nipple shadow improvement technology, better resolution, and clearer image quality.

In terms of hardware, it has been upgraded.New GenerationReverse Curve™ Large Probe with New 17-inch Wide Screen, Improve Overall ScanningPerformance.

2024In August, GE Healthcare's new 3.0T SIGNA™ Hero MRI product was launched.

New product first equipped with a custom-made solution specifically for MRI.Deep Learning Sonic Platform, withThe latest generation of double-layer deep learning algorithm model, new AIR™ physiological information acquisition, high-throughput supercomputing architectureThree Core Technologies.

Targeting previous MRI heart imaging and the urgent clinical need for simultaneous brain and heart examination, Sonic platform throughPhysiological Magic Carpet CoilExtract physiological motion information, synchronize signal acquisition speed with the velocity of motor organs, track physiological motion in real time, and complete full data acquisition within a single heartbeat.Can be shortened by 83%The cardiac scanning time.

For the simultaneous examination of the brain and heart,SIGNA Hero MRI can achieve imaging of the carotid arteries, the initial segment of the aortic arch, and other head and neck cardiac areas.One-stop Precision Imaging for Multiple Sites, which takes over an hour for examination in traditional MRI scanning scenariosShorten to within half an hour, meanwhile, the patientOnly 1 injection requiredThe examination can be completed with the use of imaging enhancement agents.

Compared with traditional 3T MRI, the signal-to-noise ratioIncrease 4 times, reaching6.53T Field Strength Effect, delivering fast, pure, and sharp images, achieving a significant boost in scanning speed and image quality, and widely applicable to the whole body, including the brain, cervical spine, heart, abdomen, pelvis, lumbar spine, and joints.

In July 2024, GE Healthcare signed a strategic cooperation memorandum with the Guangzhou Municipal Government.

On July 30, Sun Zhiyang, Mayor of Guangzhou, met with a delegation led by Zhang Yihao, Global Executive Vice President of GE Healthcare, President and CEO of GE Healthcare China, and they jointly witnessedThe Guangzhou Municipal Government and GE Healthcare (China) Sign a Strategic Cooperation Memorandum.

According to the memorandum, the two parties will strengthen cooperation in the fields of healthcare, high-end talent cultivation, and industrial finance.

In June 2024, GE Healthcare and MediView XR announced the successful deployment ofOmnifyXR Interventional Imaging Suite, and put into clinical use.

This innovative interventional imaging suite, based on augmented reality technology, integrates holographic real-time medical imaging, 3D anatomical model visualization, and advanced imaging techniques, while also supporting remote collaboration, helping to advance precision treatment in interventional procedures.

# About GE Healthcare

GE Healthcare is committed to becoming a global leader in medical technology, diagnostic drugs, and digital solutions innovation. By providing integrated solutions, services, and data analysis, it enables hospitals to operate more efficiently, clinical diagnoses to be more effective, treatment methods to be more precise, and patients to be healthier and happier.

Over the more than 100 years of serving patients and healthcare institutions, GE Healthcare has continuously advanced personalized, interconnected, and more empathetic healthcare while simplifying the patient care process. GE Healthcare's businesses in medical imaging, ultrasound, life care solutions, and diagnostic pharmaceuticals cover every aspect of healthcare from diagnosis, treatment to monitoring.

GE Healthcare was listed on the NASDAQ Stock Exchange in the United States in January 2023.The company operates in more than 160 countries and regions, with annual revenue exceeding 19.6 billion US dollars and a global workforce of 51,000 employees.

Editor-in-Chief | Zhao Qing Reviewed by | Yi He