Platinum Equity completes $2.1 billion acquisition of LifeScan from Johnson & Johnson
Platinum Equity has announced that its acquisition of LifeScan from Johnson & Johnson for approximately $2.1 billion has been completed.
The acquisition is with the exception of certain non-U.S. jurisdictions that are each expected to close at a later date, subject to individual country regulatory requirements.
LifeScan is a leader in blood glucose monitoring products with 2017 net revenue of approximately $1.5 billion.
"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 approximately 20 million patients globally in more than 90 countries.
The company markets blood glucose monitoring systems for home and hospital use under the global brand OneTouch®. The OneTouch portfolio includes personal blood glucose meters, testing strips, lancets, the point of care testing systems and integrated digital solutions.
"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 a tremendous opportunity for LifeScan to grow and evolve. With LifeScan's talent and capabilities, our iconic OneTouch brand, and Platinum's support, there's no limit to what we can achieve."
In connection with the company's transition to new ownership and its emergence as a standalone business, LifeScan also unveiled a new corporate logo and brand identity today. The company's core consumer brands remain unchanged.
Morgan Lewis served as legal advisor to Platinum Equity on the acquisition of LifeScan.