A "binding" offer has been made to buy LifeScan, Inverness's largest private sector employer and one of Scotland's leading life sciences companies.
The announcement came from the firm's parent company Johnson & Johnson (J&J) this afternoon which, despite describing the $2.1 billion offer by private investment firm Platinum Equity as "binding" said it is still subject to mandatory consultations.
LifeScan makes products for blood glucose monitoring and was created in 2001 when J&J acquired the UK assets of Inverness Medical which had itself been established in 1995.
In January last year J&J announced a review of its operations in response to three years of "adverse market conditions", evaluating options for its diabetes care companies, including LifeScan Inc. One option was a sale of the business.
“LifeScan’s OneTouch blood glucose monitoring products play an important role in the lives of millions of patients living with diabetes, and following a thorough review of all strategic options, we feel confident that the business would have a promising future with Platinum Equity,” said Ashley McEvoy, J&J company group chairman.
If the offer is accepted, the transaction would be expected to close by the end of the year.