Danaher Corp. has entered an agreement to acquire General Electric’s biopharmaceutical business in a transaction valued at $21.4 billion.
 
The GE Life Sciences unit will join Danaher’s Life Science as a stand-alone business. The GE biopharma unit is expected to generate appoximately $3.2 billion in revenue this year. The acquisition is expected to be complete by 4Q19.
 
“We are focused on completing the carve out of the biopharma business, which is 15 percent of the $20 billion healthcare segment – and focused on managing the remaining core business,” GE chairman and chief executive officer Larry Culp told CNBC’s Morgan Brennan.
 
Cowen Research said in a note to investors that this deal came at “a rich valuation that goes a long way towards GE’s debt reduction.”