In March this year, Platinum Equity submitted a binding offer of $2.1bn to acquire J&J’s LifeScan business unit, which generated net revenue of about $1.5bn in 2017.
Subject to the satisfaction of regulatory clearances and other customary closing conditions, the deal is expected to complete by the end of this year.
J&J said the offer has been accepted after consultation with relevant works councils and trade unions.
J&J will continue to provide diabetic products, services and solutions through its medical device, pharmaceuticals and consumer businesses.
Based in Chesterbrook of Pennsylvania, LifeScan produces blood glucose monitoring systems, which are used by more than 20 million patients across 90 countries.
Suitable for home and hospital applications, the firm manufactures blood glucose monitoring systems under OneTouch brand.
OneTouch product portfolio is comprised of personal blood glucose meters, testing strips, lancets, point of care testing systems and integrated digital solutions.
LifeScan, which has around 3,000 employees, operates manufacturing facilities in Puerto Rico and Scotland.
Earlier this month, US-based Fortive has made an offer worth around $2.7bn to acquire 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.
ASP business markets Sterrad system for sterilizing instruments and Endoclens systems for endoscope reprocessing and cleaning.
If the offer is accepted, the proposed transaction is expected to complete in early 2019, subject to customary closing conditions and regulatory approvals.
In February this year, Johnson & Johnson acquired 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.
