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GE sells biopharma unit for $21 billion

FILE- In this Jan. 16, 2018, file photo, the General Electric logo is displayed at the top of their Global Operations Center in the Banks development of downtown Cincinnati. Industrial giant General Electric is naming H. Lawrence Culp Jr. as its chairman and CEO. Culp, former CEO and president of Danaher Corp., succeeds John Flannery in the posts.  (AP Photo/John Minchillo, File)

FILE- In this Jan. 16, 2018, file photo, the General Electric logo is displayed at the top of their Global Operations Center in the Banks development of downtown Cincinnati.  (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.

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 percent before the opening bell Monday.


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