BOSTON — General Electric is selling its biopharma business to Danaher Corp. for $21.4 billion as the industrial giant continues to shed pieces of itself.
GE shares gained 7.3% in early trading after announcing the agreement.
The biopharma unit, part of GE Life Sciences, generated revenue of about $3 billion last year. The mostly-cash transaction is expected to close in the fourth quarter of this year.
GE is considerably smaller now than it was before becoming entangled in the financial crisis a decade ago and wants to divest even more of its businesses.
Shares of GE jumped 11 per cent before the opening bell Monday.