Johnson & Johnson sells LifeScan for $2.1bn
LifeScan is the blood glucose monitoring and maker of the OneTouch(R) brand such as personal blood glucose meters, testing strips, lancets, point of care testing systems and integrated digital solutions. It has generated net revenues of approximately $1.5 billion in 2017.
Johnson & Johnson said it will still continue to create products for consumers with diabetes with its bariatric surgery and medicines including Invokana (R) (canagliflozin) and Invokamet (R) (canagliflozin/metformin HCl). The FMCG giant scheduled a quarterly earnings call on October 16, 2018.
“We are excited for our future and what we can accomplish with the addition of Platinum Equity’s financial and operational resources,” said LifeScan president and CEO Val Asbury. “We share an unwavering commitment to patient care and know there is tremendous opportunity for LifeScan to grow and evolve. With [its] talent and capabilities, our iconic OneTouch brand, and Platinum’s support, there’s no limit to what we can achieve.”
LifeScan unveiled its new corporate logo and brand identity on Tuesday. The company said its core consumer brands remain unchanged. Morgan Lewis served as legal advisor to Platinum Equity on the acquisition of LifeScan.
“LifeScan is an innovative company that has been a leader in diabetes care for more than 30 years,” said Platinum Equity partner Jacob Kotzubei. “We believe strongly in the company’s core mission and are committed to helping LifeScan continue improving the quality of life for people living with diabetes.”
Headquartered in Chesterbrook, Pennsylvania and Zug, Switzerland, LifeScan serves about 20 million patients globally in more than 90 countries.