J&J receives bid for LifeScan diabetes business

Johnson & Johnson has confirmed that private equity firm Platinum Equity has submitted a USD 2.1 billion bid for its LifeScan division.

According to Tom Gores, chairman and chief executive of Platinum Equity, this is an "important investment" in a business that services "millions of patients across the world".

LifeScan is J&J's blood glucose monitor business and generated a net revenue of around USD 1.5 billion in 2017.

J&J is selling off the division as part of a strategic review of several of its diabetes businesses, which has seen already seen Animas be closed down.

"We are committed to putting our financial resources and global operating expertise to work in support of the company’s core mission to improve the quality of life for people living with diabetes," Mr Gores commented.

J&J must accept or decline the offer by June 15th, and if it is given the green light, the deal could be concluded before the end of the year.

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