GE's recently appointed chief Lawrence Culp is selling the biopharma business of the embattled industrial conglomerate for more than $21 billion to his previous employer, Danaher, a developer of technology for the life sciences industry.
General Electric (GE) — once a beacon of American industry that traces its origins to the assets of celebrated inventor Thomas Edison — has been nursing its wounds of late, as it struggles with mounting debt and insurance liabilities. In desperate need of a cash infusion, the maker of power plants and aircraft engines has been looking to sell off its non-core businesses, and until recently had pledged to pivot its entire health-care business in an initial public offering later in 2019.
In order to read this article, you must be an Endpoints News subscriber. (It's free to subscribe.)
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 47,200+ biopharma pros who read Endpoints News by email every day.Free Subscription