Danaher hands a distressed GE $21B+ for biopharma business that made $3B last year
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.
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