Danaher Corp., a Fortune 500 science and technology conglomerate, will buy General Electric's biotechnology business for $21.4 billion in cash, according to CNBC.
Under the deal, expected to close in the fourth quarter of this year, Danaher also will assume certain GE pension liabilities.
The deal comes as GE works to lessen its $100 billion debt burden.
GE's Life Sciences unit will join Danaher's Life Science as a stand-alone business. It is expected to generate $3.2 billion in revenue in 2019.
The GE biotech business sells supplies and equipment for developing and producing biologic drugs.
Until recently, GE had pledged to spin off GE's entire healthcare business in an initial public offering later this year. Instead, it will focus on separating its biotech business and closing the deal. GE will re-evaluate plans for an IPO of the rest of its healthcare division later this year. The remainder of GE's healthcare unit makes MRI machines and other hospital equipment.
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