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Johnson & Johnson receives $2.1B offer for diabetes care unit

Johnson & Johnson said Platinum Equity, a private investment firm, offered to buy one of the New Jersey-based drugmaker's diabetes care businesses for about $2.1 billion.

LifeScan Inc., which generated $1.5 billion of net revenue in 2017, manufactures and supplies blood glucose-monitoring equipment for hospital and home use.

The company has until June 15 to respond to the offer. Assuming the offer is accepted, the deal is expected to close by the end of 2018.

Johnson & Johnson said in January 2017 that it was evaluating "potential strategic options" for its diabetes care companies, specifically LifeScan, Animas Corp. and Calibra Medical Inc.

Johnson & Johnson's consumer-oriented diabetes devices business has experienced steady declines since 2011. The healthcare giant also announced its departure from the insulin pump market in 2017.