GE soars on deal to sell biopharma unit for $21 billion

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.AP Photo/John Minchillo, File

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.

Leave a Reply

Your email address will not be published. Required fields are marked *