By Bowdeya Tweh
Johnson & Johnson (JNJ) has accepted private-equity firm Platinum Equity's offer to buy its LifeScan business for about $2.1 billion, as the pharmaceuticals and medical-device maker moves forward with plans to streamline its business.
J&J said Tuesday that the deal for LifeScan, which makes blood-glucose monitoring equipment, is expected to close by the end of the year. More than 20 million people world-wide use LifeScan's OneTouch brand products to help them manage diabetes, J&J said.
The New Brunswick, N.J., company said it received Platinum Equity's offer in March.
Shares in J&J fell 0.4% in after-hours trading.
Write to Bowdeya Tweh at firstname.lastname@example.org