NEW BRUNSWICK, N.J.,
March 16, 2018 /CNW/ -- Johnson &
Johnson (NYSE: JNJ) today announced that it has received a binding
offer from Platinum Equity, a leading private investment firm, to
acquire its LifeScan business for approximately $2.1 billion, subject to customary adjustments.
LifeScan, Inc. is a leader in blood glucose monitoring products
with 2017 net revenue of approximately $1.5
billion.
"LifeScan's OneTouch® blood glucose monitoring products play an
important role in the lives of millions of patients living with
diabetes, and following a thorough review of all strategic options,
we feel confident that the business would have a promising future
with Platinum Equity," said Ashley
McEvoy, Company Group Chairman, Consumer Medical Devices,
Johnson & Johnson. "This initiative is part of our ongoing,
disciplined approach to portfolio management to focus on our most
promising opportunities to help patients and drive growth."
The Johnson & Johnson Family of Companies will continue to
serve those impacted by diabetes through innovative products,
services and solutions from its Medical Device, Pharmaceuticals,
and Consumer businesses. These include important leadership and
innovation in areas such as bariatric surgery and through medicines
such as INVOKANA® (canagliflozin) and INVOKAMET®
(canagliflozin/metformin HCl).
The acceptance period for the offer will end on June 15, 2018, unless extended, and during that
time, consultations with relevant works councils are planned. If
the offer is accepted, the transaction would be expected to close
by the end of 2018, subject to the satisfaction of customary
closing conditions. This transaction was contemplated in the
Company's guidance provided on January 23,
2018.
About LifeScan, Inc.
LifeScan, Inc. is a world leader
in blood glucose monitoring. In the US, LifeScan, Inc. is the
leading maker of blood glucose monitoring systems and its OneTouch®
brand products are recommended by more endocrinologists and primary
care physicians than any other brand1. Globally, more
than 20 million people depend on OneTouch® brand products for
simple testing and accurate results to help them manage their
diabetes. For more information visit: www.OneTouch.com.
About Johnson & Johnson
At Johnson & Johnson,
we believe good health is the foundation of vibrant lives, thriving
communities and forward progress. That's why for more than 130
years, we have aimed to keep people well at every age and every
stage of life. Today, as the world's largest and most broadly-based
health care company, we are committed to using our reach and size
for good. We strive to improve access and affordability, create
healthier communities, and put a healthy mind, body and environment
within reach of everyone, everywhere. We are blending our heart,
science and ingenuity to profoundly change the trajectory of health
for humanity.
Note to Investors Concerning Forward-Looking
Statements
This press release contains "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 related to the divestiture of the LifeScan business.
The reader is cautioned not to rely on these forward-looking
statements. These statements are based on current expectations of
future events. If underlying assumptions prove inaccurate or known
or unknown risks or uncertainties materialize, actual results could
vary materially from the expectations and projections of Johnson
& Johnson. Risks and uncertainties include, but are not limited
to: the possibility that the transaction will not be completed, or
if completed, not completed in the expected timeframe, and the
potential that the expected strategic benefits or opportunities
from any divestiture may not be realized, or may take longer to
realize than expected. A further list and descriptions of these
risks, uncertainties and other factors can be found in Johnson
& Johnson's Annual Report on Form 10-K for the fiscal year
ended December 31, 2017, including in
the sections captioned "Cautionary Note Regarding Forward-Looking
Statements" and "Item 1A. Risk Factors," and in the company's
subsequent Quarterly Reports on Form 10-Q and other filings with
the Securities and Exchange Commission. Copies of these filings are
available online at www.sec.gov, www.jnj.com or on request from
Johnson & Johnson. Any forward-looking statement made in this
release speaks only as of the date of this release. Johnson &
Johnson does not undertake to update any forward-looking statement
as a result of new information or future events or
developments.
1 Global Brand Equity Insights Study, February
2015
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SOURCE Johnson & Johnson