J&J accepts $2.1 billion offer for diabetes care unit 18th June 2018
Johnson & Johnson (J&J) has agreed to sell its LifeScan business, a diabetes-care unit, to Platinum Equity, a private investment firm, for approximately $2.1 billion by accepting the binding offer for the business made by Platinum Equity in March 2018. LifeScan provides blood-glucose monitoring products and is maker of the OneTouch brand of products. The business had 2017 net revenue of approximately $1.5 billion.
J&J accepted the offer after consultation with relevant works councils and trade unions, J&J notes. The transaction is expected to close by the end of 2018, subject to the satisfaction of regulatory clearances and other customary closing conditions.
“The Johnson & Johnson Family of Companies will continue to serve those impacted by diabetes through innovative products, services and solutions from its Medical Device, Pharmaceuticals and Consumer businesses,” J&J said in a June 12, 2018 company statement. “These include important leadership and innovation in areas such as bariatric surgery and through medicines such as Invokana (canagliflozin) and Invokamet (canagliflozin/metformin HCl).”