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Johnson & Johnson has accepted an offer from Platinum Equity to acquire diabetes solutions business LifeScan for $2.1 billion.
On June 12, 2018, Johnson & Johnson (J&J) announced that it has accepted a binding offer from Platinum Equity, a private investment firm, to acquire LifeScan, part of J&J’s diabetes-care business, for approximately $2.1 billion. LifeScan provides blood glucose monitoring systems and makes the OneTouch product brand. J&J’s diabetes care business made $1.6 billion in 2017 sales, a 9.7% decrease from 2016.
J&J states that it accepted the offer, previously announced in March 2018, after consulting with relevant works councils and trade unions. The transaction is expected to close by the end of 2018, subject to the satisfaction of regulatory clearances and other customary closing conditions.
Additionally, J&J reports that the Johnson & Johnson Family of Companies will continue to serve those impacted by diabetes through products, services and solutions from its Medical Device, Pharmaceuticals and Consumer businesses. These include important leadership and innovation in areas such as bariatric surgery and through medicines such as Invokana (canagliflozin) and Invokamet (canagliflozin/metformin HCl), as stated by J&J.
Source: Johnson & Johnson