J&J accepts Platinum Equity’s offer for LifeScan diabetes business

A job seeker talks to a Johnson & Johnson job recruiter at a career fair in Washington, D.C.

Andrew Harrer | Bloomberg | Getty Images

A job seeker talks to a Johnson & Johnson job recruiter at a career fair in Washington, D.C.

Johnson & Johnson has accepted an offer of about $2.1 billion for its LifeScan business by private equity firm Platinum Equity.

J&J announced in March the item received the firm’s offer for the blood glucose monitor business, which generated net revenue of about $1.5 billion last year. The deal will be supposed to close by the end of the year.

“This particular will be an important investment for us in a business of which serves millions of patients around the globe,” Platinum Equity Chairman as well as CEO Tom Gores said in a statement in March.

The transaction was included within the earnings forecast J&J gave in January.

Last year, J&J said the item was reviewing strategic options for several of its diabetes businesses, including LifeScan, Calibra Medical as well as Animas. In October, J&J announced the item had decided to close Animas as well as exit the insulin pump market. the item chose Medtronic as its partner to transition current patients.

Shares of J&J dipped 0.4 percent in after-hours trading.

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