(Reuters) -3M Co announced Tuesday that it will merge its food safety business with Neogen, a food testing and product maker for animal healthcare. This tax-free deal comes as the industrial giant sharpens their healthcare focus.

Deal gives unit that makes allergen detection and pathogen testing products a value of $5.3 billion. It also includes $1 billion in new debt.

3M is the largest U.S. manufacturer of N95 masks and will get approximately $1B.

Mike Roman, Chief Executive Officer at 3M stated in a statement that “this transaction further evolves and focuses our business in health care”

Bloomberg reported that advisors were tapped by the industrial conglomerate last year to help sell the unit.

Neogen shares rose 6.6% in premarket while 3M shares rose 1.29 percent.

John Adent is the Neogen boss and will oversee the new company. 3M will own 50.1% of it. This combined entity will have an enterprise value around $9.3billion.

Reverse Morris Trust is the structure of this deal, which allows for tax-free divestment of a division.

Centerview Partners LLC is the financial adviser and Weil, Gotshal & Manges the legal counsel to Neogen.

Goldman Sachs (NYSE:) is the financial adviser and Wachtell, Lipton, Rosen & Katz the legal counsel to 3M.