GE Jumps as $21.4 Billion Bio-Pharma Sale Lifts New CEO’s Revamp

When Larry Culp took command of flailing General Electric Co. late last year, his mandate was simple: be more aggressive.

Fewer than five months later, investors are applauding.

The shares soared Feb. 25 as Culp took his boldest step yet to rescue the troubled behemoth, agreeing to sell GE’s bio-pharmaceutical business to his former employer, Danaher Corp., for $21.4 billion. Culp halted plans to spin off the broader health-care business as GE focuses on completing the Danaher deal by year end.

“This news meaningfully accelerates our deleveraging plan,” Culp, who ran Danaher for more than a decade until 2014, said ...