ASP, which is a division of J&J’s Ethicon, provides advanced sterilization and disinfection solutions, as well as low-temperature hydrogen peroxide sterilization technology.

Fortive president and CEO James Lico said: “We are excited about today’s announcement which demonstrates the continued evolution of our portfolio towards improving growth, increasing recurring revenue, and expanding positions in attractive markets.

“With ASP, we expect to acquire a global leader in medical sterilization and disinfection, with a large installed base and very strong brands.”

ASP business markets Sterrad system for sterilizing instruments and Endoclens systems for endoscope reprocessing and cleaning.

Sterrad system with ALLClear technology and Velocity biological indicator readers can be integrated and connected to the network to minimize the requirement for manual documentation of vital sterilization information in hospital centralized sterilization services departments.

ASP markets Evotech and Endoclens systems under Cidex family of disinfecting solutions for endoscopes and other medical instruments.

ASP business generated revenue of around $775m and adjusted EBITDA margin of about 25% in 2017, as per financial measures of J&J.

If the offer is accepted, the proposed transaction is expected to complete in early 2019, subject to customary closing conditions and regulatory approvals.

J&J interventional solutions and specialty surgery company group chairman Shlomi Nachman said: “As we balance the interests of all our stakeholders to deliver the greatest value to customers, healthcare providers and shareholders, we must continuously assess strategic fit and explore alternatives for our businesses.”

In February this year, Johnson & Johnson Medical Devices, via its French affiliate Apsis, acquired software-enabled surgery technologies developer Orthotaxy for an undisclosed sum.

Established by Stéphane Lavallée, Orthotaxy is engaged in designing and development of computer-assisted platforms. It is involved in developing differentiated robotic-assisted surgery solution for total and partial knee replacement.