Shares of $GE Explodes Higher on Asset Sale

This stock was on a fast track for zero just a few months ago. Alas, now it’s higher by 15% this morning, up ~50% the past 3 months.

GE sells biopharma unit to Danaher for $21.4B GE sells biopharma unit to Danaher for $21.4B

Danaher will buy the biopharmaceutical business of General Electric in a $21.4 billion deal, the companies announced Monday.

The deal will see Danaher pay $21 billion in cash, as well as assume certain GE pension liabilities.

The GE Life Sciences unit will join Danaher’s Life Science as a stand-alone business. The GE Biopharma unit is expected to generate about $3.2 billion in revenue this year.

GE shares surged more than 17 percent in premarket trading from Friday’s close of $10.17 a share. Danaher’s stock also jumped, rising 5.2 percent from its previous close of $113.48 a share.

“We are executing on our strategy by taking thoughtful and deliberate action to reduce leverage and strengthen our balance sheet,” GE Chairman and CEO Larry Culp said in a statement.