After experiencing a 23 percent drop in its stock price in the last 12 months and with an estimated $110 billion in debt as of the end of March, General Electric is reportedly looking to sell off its corporate venture arm's portfolio, which includes multiple digital health and life sciences startups, according to CNBC.
GE Ventures was founded in 2013 and has since invested in more than 100 companies. Among these are Evidation Health, a digital medicine company GE launched with Stanford Health Care; Vitruvian Networks, a platform to advance cell and gene therapies built in collaboration with Mayo Clinic; and Vineti, an analytics platform for genomics research.
The company is reportedly hoping to sell its portfolio as a package deal, rather than as individual investments.
"During this time of transformation for GE, we are evaluating strategic options for GE Ventures to continue delivering returns for our shareholders and partners," Megan Newhouse, a GE spokesperson, told CNBC in a statement. "While we can't comment specifically on that process, we remain committed to supporting our portfolio companies, business units and partnering with the entrepreneurial ecosystem."
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