Carlyle Group LP and a consortium of Danaher Corp and Blackstone Group LP have advanced to the final stage of negotiations for Johnson & Johnson's diagnostics unit, according to people familiar with the matter. These two bidders appear willing to pay the most for the unit, Ortho Clinical Diagnostics, though a deal may now value it at up to $4 billion, less than the $5 billion J&J was initially hoping for, the people said on Thursday.Other private equity firms, including Bain Capital LLC, BC Partners Ltd and a consortium of CVC Capital Partners Ltd and Leonard Green & Partners LP, considered the valuation too high given the unit's lack of growth and are no longer in talks with J&J, the people added.The people spoke on condition of anonymity because the sale process is confidential. J&J and Danaher did not respond to requests for comment. Carlyle, Blackstone, Bain, BC Partners, CVC and Leonard Green declined to comment.The diagnostics unit makes blood screening equipment and laboratory blood tests that are considered older and less profitable than modern molecular diagnostics. It also makes tests that can reveal a patient's blood type and screen for viruses such as HIV and hepatitis C.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.94% or $0.51/share to $26.80. In the past year, the shares have traded as low as $14.32 and as high as $28.73. On average, 4645900 shares of BX exchange hands on a given day and today's volume is recorded at 1793378.
Shares of CG traded higher by 0.62% or $0.2/share to $32.36. In the past year, the shares have traded as low as $23.85 and as high as $37.89. On average, 469738 shares of CG exchange hands on a given day and today's volume is recorded at 171317.
Danaher Corporation (Danaher) designs, manufactures and markets professional, medical, industrial and commercial products and services. Shares of DHR traded higher by 0.62% or $0.46/share to $74.25. In the past year, the shares have traded as low as $52.05 and as high as $74.99. On average, 2363310 shares of DHR exchange hands on a given day and today's volume is recorded at 1032395.
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