Johnson & Johnson (J&J) has accepted private investment firm Platinum Equity’s binding offer to acquire its subsidiary LifeScan for around $2.1bn.

The decision follows consultation with associated works councils and trade unions. This offer was originally proposed in March this year and is subject to customary closing conditions and regulatory clearances.

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LifeScan offers blood glucose monitoring systems under the brand OneTouch to allow diabetes management. Its products are designed for simple and accurate testing at hospitals as well as home.

“Platinum Equity plans to leverage its financial resources and operating expertise to support LifeScan’s goal to enhance the quality of life of diabetes patients.”

Used by nearly 20 million patients across more than 90 countries, OneTouch products include glucose metres and accessories, insulin pumps, testing strips, lancets, point-of-care systems for testing and integrated digital solutions.

The company reported net revenue of around $1.5bn last year.

Platinum Equity plans to leverage its financial resources and operating expertise to support LifeScan’s goal to enhance the quality of life of diabetes patients.

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After the completion of the transaction, which is scheduled to complete by the end of this year, LifeScan will operate as a global standalone business and provide a platform for continued investment to boost growth and innovation.

A statement from J&J read: “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 areas such as bariatric surgery and through medicines such as INVOKANA (canagliflozin) and INVOKAMET (canagliflozin/metformin HCl).”