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

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,

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

Thermo Fisher Scientific is nearing a deal for Solventum’s purification and filtration business, according to people familiar with the matter. A transaction is expected to value the filtration business between $3.

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