Johnson & Johnson announced that it has received a binding offer from Platinum Equity, a leading private investment firm, to acquire its LifeScan business for approximately $2.1 billion.
J&J announced last year that it was reviewing strategic options for the diabetes device business as part of a broader effort to focus on its core health-care offerings.
The acceptance period for the Platinum offer will end on June 15, 2018, and, if accepted, the transaction would be expected to close by the end of 2018.
The LifeScan division had 2017 sales of about $1.5 billion, according to J&J.
Read the press release