General Electric Sale of Biopharma Unit to Danaher Closes
The divestment of a massive healthcare asset by General Electric's (NYSE: GE) life sciences division has been completed. The sale of the biopharma unit of that division to conglomerate Danaher (NYSE: DHR), both companies announced on Tuesday. Furthermore, Danaher wrote in its press release that it will rename the business Cytiva.
The deal between the two companies took quite some time to complete. It was originally announced in February 2019, with Danaher agreeing to pay roughly $21.4 billion in cash for the biopharma unit, around 17 times the anticipated 2019 EBITDA of the unit. Its annual revenue was estimated at $3.2 billion at the time.
Image source: General Electric
Source Fool.com
