NEW BRUNSWICK, N.J. (June 12, 2018) –
Johnson & Johnson (NYSE: JNJ
) today announced that it has accepted the binding offer from Platinum Equity, previously announced on March 16, 2018, to acquire its LifeScan business for approximately $2.1 billion. LifeScan, Inc. is a world leader in blood glucose monitoring and maker of the OneTouch® brand of products.
This acceptance was made after consultation with relevant works councils and trade unions. The transaction is expected to close by the end of 2018, subject to the satisfaction of regulatory clearances and other customary closing conditions.
“We have great respect for Johnson & Johnson and appreciate their confidence in our ability to execute,” said Platinum Equity Chairman and CEO Tom Gores. “This is an important investment for us in a business that serves millions of patients around the world. We are committed to putting our financial resources and global operating expertise to work in support of the company’s core mission to improve the quality of life for people living with diabetes.”
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).
LifeScan, Inc. is a world leader in blood glucose monitoring. In the U.S., 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 brand.1
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 on 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
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