Healthcare company Johnson & Johnson (NYSE:JNJ) reported on Friday the receipt of a binding offer from investment firm Platinum Equity to acquire its LifeScan business for about USD2.1bn, subject to customary adjustments.

The acceptance period for the offer will end on 15 June 2018, unless extended and if the offer is accepted, the transaction would be expected to close by the end of 2018, subject to the satisfaction of customary closing conditions.

LifeScan Inc is a blood glucose monitoring products company, with net revenue of approximately USD1.5bn in 2017. The company's OneTouch brand products are recommended by more endocrinologists and primary care physicians than any other brand. Globally, more than 20 million people depend on OneTouch brand products for simple testing and accurate results to help them manage their diabetes.

However, 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 bariatric surgery and through medicines, INVOKANA (canagliflozin) and INVOKAMET (canagliflozin/metformin HCl).