Contract drug manufacturer Thermo Fisher Scientific said on Tuesday it will buy Solventum's purification and filtration business for about $4.1 billion. The deal is expected to complement Thermo's bioproduction business,

Waltham-based Thermo is buying the business from Solventum, a Minnesota-based company that spun off from manufacturing conglomerate 3M roughly one year ago.

Thermo Fisher Scientific said Tuesday it is buying Solventum’s purification and filtration business, confirming an earlier report by The Wall Street Journal. Thermo Fisher said it is paying about $4.1 billion in cash for the business.

Wall Street applauded the deal, sending shares of Solventum, the 3M spinoff, up 10% on Tuesday.

Solventum Corp., 3M’s medtech spinoff, has sold its purification and filtration business to Massachussetts-based Thermo Fisher Scientific for approximately $4.1 billion.

Key Takeaways Shares of Solventum rose Tuesday after the company agreed to sell its filtration and purification business to medical device maker Thermo Fisher Scientific for $4.1 billion.Solventum Chief Executive Officer Bryan Hanson said the move is part of a transformation plan for the company,

M health care spinoff Solventum is selling its purification business to Thermo Fisher Scientific for $4.1 billion in cash to pay down its billions in outstanding debt. Solventum CEO Bryan Hanson said in a news release that the sale,