Johnson & Johnson, the New Brunswick-based health care giant, announced it has received a binding offer from Platinum Equity, an investment firm, to acquire its LifeScan business for approximately $2.1 billion.
LifeScan is a blood glucose monitoring products provider with revenue of approximately $1.5 billion in 2017.
“LifeScan’s OneTouch blood glucose monitoring products play an important role in the lives of millions of patients living with diabetes, and following a thorough review of all strategic options, we feel confident that the business would have a promising future with Platinum Equity,” said Ashley McEvoy, company group chairman, consumer medical devices, Johnson & Johnson. “This initiative is part of our ongoing, disciplined approach to portfolio management to focus on our most promising opportunities to help patients and drive growth.”
If the offer is accepted, the transaction is expected to close by the end of this year.