Johnson and Johnson has announced the proposed sale of its Ortho-Clinical Diagnostics business to the Carlyle Group, from which it has received a binding offer.
The $4.15 billion (2.52 billion pounds) deal has been tabled by the proposed buyer, with the acceptance period for the offer to end on March 31st 2014 unless extended. The transaction is to be discussed at the firm's quarterly earnings meeting this week.
“Johnson and Johnson has received an offer to sell its Ortho-Clinical Diagnostics business to the Carlyle Group for $4.15 billion.“
Johnson and Johnson is consulting with relevant works councils and trade unions over the transaction, while various other regulatory requirements would need to be cleared if it goes ahead.
The deal is being considered as part of Johnson and Johnson's commitment to a portfolio management strategy that delivers the maximum value to shareholders.
Alex Gorsky, chairman and chief executive officer of Johnson and Johnson, said: "Ortho-Clinical Diagnostics plays an important role in healthcare and we're confident that it's well positioned to serve the interests of its patients, customers and employees."
Earlier this month, the company expanded its global incubator presence to Israel, while announcing new collaborations at its innovation centres in the US and UK.See all the latest jobs in Medical Devices