General Electric is selling its biopharma business to Danaher Corp. for $21.4 billion as the industrial giant continues to shed pieces of itself.

The biopharma unit, part of GE Life Sciences, generated revenue of about $3 billion last year. The mostly-cash transaction is expected to close in the fourth quarter of this year.

GE is considerably smaller now than it was before becoming entangled in the financial crisis a decade ago and wants to divest even more of its businesses.

Shares of GE jumped 11 percent before the opening bell Monday.

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