Johnson & Johnson said on Thursday it would sell its ortho clinical diagnostics unit to takeover firm Carlyle Group LP for $4.15 billion, shedding a slow-growing business to focus on more lucrative products.A major deal in the private equity world, the sale is small change for J&J, which has a market value of $267 billion and assets spanning pharmaceuticals, medical devices and consumer products. Analysts said the move highlighted J&J's determination not to waste resources on unloved divisions."Now with this divestiture nearly complete, we're inclined to believe (J&J) will continue to strategically prune its business segments and use the proceeds to return cash to shareholders or invest in higher-growth assets," Leerink analyst Danielle Antalffy wrote in a note.J&J's diabetes business, which includes LifeScan blood glucose meters and Animas pumps, could be the next business to go, given slowing sales growth and weak margins, Antalffy said.
Shares of CG fell by 0.03% or $-0.01/share to $36.98. In the past year, the shares have traded as low as $23.85 and as high as $38.13. On average, 425981 shares of CG exchange hands on a given day and today's volume is recorded at 133138.
Johnson & Johnson is a holding company. The Company is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ fell by 0.26% or $-0.25/share to $94.55. In the past year, the shares have traded as low as $72.37 and as high as $95.99. On average, 7100000 shares of JNJ exchange hands on a given day and today's volume is recorded at 4362232.
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