General Electric has filed confidentially for an initial public offering of its health unit in a spin-off that would create one of the world’s largest pharma giants.
That’s according to Bloomberg, which, citing people familiar with the matter, said GE was likely to publicly file in the spring. Bloomberg calculates that the newly spun-off health company could have an enterprise value of $65 billion to $70 billion.
Enterprise value is typically calculated by adding market cap and debt, among other things, and subtracting cash.
Germany’s Siemens listed its Healthineers unit in March, and its shares are up about 32% since, Bloomberg said, making it a 37 billion euro company. GE is working with Goldman Sachs, Bank of America, Citigroup, JPMorgan, and Morgan Stanley on its IPO plans, Bloomberg reported.
GE’s stock was up about 1.2% in premarket trading Wednesday, hitting $7.37 a share.
In other pharma news, GlaxoSmithKline and Pfizer on Wednesday said they were combining their consumer-health units in a venture valued at about 10 billion pounds, according to the Financial Times.
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