Johnson & Johnson (JNJ.N) said on Friday that it was offered about $2.1 billion for its LifeScan Inc unit, which makes blood glucose monitoring products, by private investment firm Platinum Equity.
J&J had said in January last year it was evaluating options for its diabetes care companies – specifically LifeScan, Animas Corp, and Calibra Medical Inc – where sales have been falling since 2012.
“…following a thorough review of all strategic options, we feel confident that the business would have a promising future with Platinum Equity,” Ashley McEvoy, chairman of J&J’s consumer medical devices group, said in a statement.
The company said the acceptance period for the offer would end on June 15, unless extended, and during that time, consultations with relevant works councils were planned.
Reuters reported in January Chinese bidders were interested in J&J’s diabetes care companies in a deal that could fetch up to $4 billion.
A Reuters study of J&J’s financial results had found revenue at the diabetes care unit have been falling since 2012. In the first nine months of 2017, sales slid 7.7 percent year-on-year.