Johnson & Johnson has accepted an offer of about $2.1 billion for its LifeScan business from private equity firm Platinum Equity.
J&J announced in March it received the firm’s offer for the blood glucose monitor business, which generated net revenue of about $1.5 billion last year. The deal is expected to close by the end of the year.
“This is an important investment for us in a business that serves millions of patients around the world,” Platinum Equity Chairman and CEO Tom Gores said in a statement in March.
The transaction was included in the earnings forecast J&J gave in January.
Last year, J&J said it was reviewing strategic options for several of its diabetes businesses, including LifeScan, Calibra Medical and Animas. In October, J&J announced it had decided to close Animas and exit the insulin pump market. It chose Medtronic as its partner to transition current patients.
Shares of J&J dipped 0.4 percent in after-hours trading.
By Angelica LaVito
Source: CNBC
The United Arab Emirates (UAE) Ministry of Health and Prevention (MoHAP) has established a partnership with Novo Nordisk Pharma Gulf focusing on the creation of a national scientific guide for obesity management and weight control. The collaboration also aims to enhance public awareness of cardiovascular diseases and their complications.
Pharma giant Eli Lilly is teaming up with Haya Therapeutics in a $1bn deal to find multiple regulatory-genome-derived RNA-based drug targets, as it eyes up new targets in obesity. Under the deal, the companies will use Haya’s proprietary regulatory genome discovery platform to identify and validate long non-coding RNA (lncRNA) targets for developing potential treatments for obesity and related metabolic disorders.
The sale includes custom formulation and contract manufacturing capabilities for the nutrition market from the production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico. Financial terms of the transaction were not disclosed.
