GE Finally Lands $20 Billion Payday After Closing Biopharma Sale

General Electric Co. finalized the $21.4 billion sale of its biopharma business, bringing in much-needed cash and bolstering Chief Executive Officer Larry Culp’s efforts to chip away at a debilitating debt load.

The sale to Danaher Corp. gives GE net proceeds of $20 billion, after accounting for taxes, fees and factored receivable balances, according to a statement Tuesday announcing the close of the transaction. The companies won approval from the Federal Trade Commission earlier this month for the deal, which was announced in early 2019.