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Deal could fetch up to $5 billion.
Johnson & Johnson reportedly is looking for buyers for its Ortho Clinical Diagnostics division, which makes tests that can reveal a patient’s blood type and screen for viruses. It also makes tests that help diagnose a heart attack and assess damage to the heart. The testing business is part of a $46 billion worldwide market for in-vitro diagnostics that is growing 6-7 percent a year, according to Frost & Sullivan, a market research and consulting firm. Citing unnamed sources, The Wall Street Journal and Reuters, JNJ is shopping the unit in a deal that could be valued at as much as $5 billion. The news is not a total surprise. JNJ officials announced in January that the company was looking for “alternatives” for the unit and cautioned that the process could take anywhere from about 12 to 24 months.
Reports claim that JPMorgan Chase & Co will run the sale for JNJ and is preparing to send detailed financial information in coming weeks to potential buyers, including some of the world’s largest private equity firms and a number of healthcare companies, according to Reuters.
The dividion has annual sales of about $2 billion.Ortho Clinical Diagnostics’ revenue growth has been relatively flat recently. It is No. 5 in the clinical diagnostics market, as measured in sales. Clinical diagnostics are less attractive than molecular diagnostics, which could see strong revenue growth in coming years as examination of genes helps doctors steer patients to appropriate treatments.
General Electric and Danaher Corp. are likely to be interested in bidding for the business, sources told the Journal.
JNJ move to divest its clinical diagnostics arm comes as drug makers are shedding businesses and cutting costs due to overseas price controls and pressure on payments from insurers and the government. Pfizer Inc, for instance, just spun off its animal health products business and Abbott Laboratories split off its branded drugs unit early this year.
JNJ could not be reached for comment.
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