Global investment firm Platinum Equity has completed the acquisition of Johnson & Johnson’s (J&J) diabetes unit, LifeScan, for about $2.1bn.
In March this year, Platinum Equity first submitted binding offer to acquire J&J’s LifeScan business, which reported net revenues of around $1.5bn in 2017.
In June, J&J accepted the offer for LifeScan, which manufactures blood glucose monitoring systems under OneTouch brand.
The firm’s blood glucose monitoring systems are used by more than 20 million patients across the globe.
Lifescan’s product portfolio is comprised of personal blood glucose meters, testing strips, lancets, point of care testing systems and integrated digital solutions.
The OneTouch Verio Reflect system and OneTouch Verio Flex meter are provided with ColorSure technology, which instantly shows when patients’ blood glucose results are in or out of range.
The Bluetooth smart technology allows the meters to connect wirelessly and sync seamlessly with the OneTouch Reveal mobile app.
Lifescan is headquartered in Chesterbrook of Pennsylvania and Zug of Switzerland. It operates 340,000ft² manufacturing and distribution facility in Inverness of Scotland.
With over 2,000 employees, Lifescan provides its products and services to the customers in more than 90 countries.
J&J noted that it will continue to diabetes patients through offering advanced products, services and solutions via its medical device, pharmaceuticals and consumer businesses.
In June this year, US-based Fortive made an offer worth around $2.7bn to buy J&J’s Advanced Sterilization Products (ASP) business.
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.
In February this year, J&J completed the acquisition of Abbott Medical Optics (AMO) for about $4.32bn.
As part of the deal, J&J acquired ophthalmic products in three areas, comprising of cataract surgery, laser refractive surgery and consumer eye health.
The acquired business compliments J&J’s Acuvue brand contact lenses business. Johnson & Johnson Vision (J&J Vision) is the new name of the combined organization, which carries out operations in around 103 countries.