J&J accepts Platinum Equity’s offer for LifeScan diabetes business
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A job seeker talks to a Johnson & Johnson job recruiter at a profession honest in Washington, D.C.
Johnson & Johnson has accepted a suggestion of about $2.1 billion for its LifeScan enterprise from personal fairness agency Platinum Fairness.
J&J introduced in March it acquired the agency’s provide for the blood glucose monitor enterprise, which generated internet income of about $1.5 billion final yr. The deal is anticipated to shut by the tip of the yr.
“This is a crucial funding for us in a enterprise that serves hundreds of thousands of sufferers around the globe,” Platinum Fairness Chairman and CEO Tom Gores stated in an announcement in March.
The transaction was included within the earnings forecast J&J gave in January.
Final yr, J&J stated it was reviewing strategic choices for a number of of its diabetes companies, together with LifeScan, Calibra Medical and Animas. In October, J&J introduced it had determined to shut Animas and exit the insulin pump market. It selected Medtronic as its companion to transition present sufferers.
Shares of J&J dipped zero.four % in after-hours buying and selling.
Supply hyperlink – https://www.cnbc.com/2018/06/12/jj-accepts-platinum-equitys-offer-for-lifescan-diabetes-business.html