• General Electric said Monday it would sell its biopharma business to Danaher for $21.4 billion.
  • GE shares jumped 16% on the news and Danaher was up 7%.
  • Watch General Electric and Danaher trade live.

General Electric

on Monday said it would sell its biopharma unit to Danaher for $21.4 billion in an effort to accelerate the ailing industrial conglomerate's turnaround.The $21.4 billion deal included $21 billion in cash, as well as Danaher's assumption of certain pension liabilities, General Electric said in a statement.GE also said it expected to use the deal's proceeds to reduce its debt and bulk up its balance sheet.The deal, subject to regulatory approval, is expected to close in the fourth-quarter of this year.General Electric CEO Larry Culp said the company would call off its planned health care initial public offering, a plan it announced last December, Bloomberg reported.Culp, who joined the company last October, served as CEO of Danaher from 2001 to 2014.GE shares jumped 16% on the announcement in pre-market trading on Monday. Danaher was up 7%.This story is developing. Please check back for updates.

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