GE sells biopharma unit in major $21.4B deal

Feb. 25, 2019

In an effort to return to its industrial roots, General Electric has sold its biopharmaceutical business to Danahar Corp. for $21.4 billion.

Danahar, a medical equipment manufacturer, has a long history of acquisitions — around half of its revenue came from companies it bought up in the last seven years. The company’s CEO said that this latest deal — the largest in Danahar’s history— is a good fit because GE’s biopharma business develops software and instruments to support R&D. GE’s biopharma unit is expected to generate $3.2 billion in revenue this year.

The deal will create a needed cash influx to GE, which has been focused on divesting and streamlining its portfolio to become more profitable.  

The acquisition is slated for completion by the end of this year.

Read the full Reuters report.