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
Big Pharma has long seen the potential for AI and machine learning to accelerate drug development. But Novo Nordisk is going a step further by channeling $200 million toward the creation of a computer that will outrun anything in existence.
Current methods for diagnosing Alzheimer’s disease rely on a complex combination of self- and caregiver-reported symptoms, a physical examination and either a PET scan or a spinal tap to look for evidence of amyloid plaque build-ups in the brain. But a new artificial intelligence-based method may make the diagnostic process a much more objective one.
There is lots of talk about diversity and inclusion in business, including in pharma and medtech. A new report by the Open Political Economy Network (OPEN), a think tank focusing on migration and diversity, released its “Minority Businesses Matter: Europe” report highlighting the successes and challenges of ethnic minority-owned businesses in Europe.