Private investment firm Platinum Equity has proposed a binding offer to purchase Johnson & Johnson’s (J&J) subsidiary LifeScan for approximately $2.1bn.

Focused on diabetes management, LifeScan offers blood glucose monitoring systems under the brand OneTouch to ensure simple and accurate testing for around 20 million patients across more than 90 countries.

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Available for both hospital and at-home use, OneTouch products include personal blood glucose metres, testing strips, lancets, point-of-care systems for testing and integrated digital solutions.

The company, which is headquartered in the US and Switzerland, posted a net revenue of about $1.5bn in 2017.

“Focused on diabetes management, LifeScan offers blood glucose monitoring systems under the brand OneTouch to ensure simple and accurate testing for around 20 million patients across more than 90 countries.”

Platinum Equity chairman and CEO Tom Gores said that the firm will use its financial resources and operating expertise to support LifeScan’s core mission of enhancing the quality of life for diabetes patients.

Johnson & Johnson Consumer Medical Devices company group chairman Ashley McEvoy said: “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.

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“This initiative is part of our ongoing, disciplined approach to portfolio management to focus on our most promising opportunities to help patients and drive growth.”

The acceptance period for the acquisition deal is set to end on 15 June, unless extended.

If accepted, the deal would be subject to customary closing conditions and is expected to be completed by the end of this year.