Horizon buys GE’S gene editing unit for £65m

HORIZON Discovery has taken a big step towards becoming a world leader in human gene editing with the acquisition of the gene technology arm of US giant General Electric (GE).

The British Aim-listed biotech firm has bought wholly owned GE subsidiary Dharmacon for $85m (£65m), funded by an £80m share placing. The acquisition more than doubles Horizon’s revenues, which stood at £24m last year, and increases its access to the US market, which was already its number one market via its division based in St Louis.

In 2016, Dharmacon delivered revenues of $36.7m and earnings of $5.4m. Both Ho- rizon and Dharmacon work in the fast-emerging field of gene manipulation. Horizon’s share price jumped 16pc to 252p yesterday.