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General Electric today announced the sale of its biopharmaceutical business for more than $21 billion dollars. The buyer is Danaher Corporation, which happens to have been previously run by GE chief executive Larry Kulp, who served as chief executive at Danaher between 2001 and 2015. The move is part of an ongoing restructuring aimed at paying down GE's massive debt load and focusing on core industries the company is invested in, such as aviation and power.

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Follow Amy Scott at @amyreports