The sale is part of the New Brunswick, N.J.-based healthcare conglomerate’s move to get out of the device end of the diabetes business. Early last year J&J announced a strategic review of the LifeScan, Animas and Calibra Medical diabetes businesses, later opting to outright shutter the Animas insulin pump subsidiary.
Until March Chinese glucose monitor maker Sinocare (SZ:300298) and a sovereign wealth fund were in the running for the LifeScan and Calibra businesses. (CeQur in July acquired a wearable, on-demand insulin delivery system from Calibra Medical for an undisclosed amount.) But that month J&J agreed to the Platinum offer for LifeScan, inking a binding agreement in June.
Johnson & Johnson said it won’t cede the diabetes field entirely, noting plans to continue to offer bariatric surgery products and drugs like Invokana and Invokamet.
Johnson & Johnson said it plans to discuss divestiture during its quarterly earnings call, slated for Oct. 16.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.