Blackstone teams with Danaher in multibillion-dollar bidding for Johnson & Johnson unit


doctors-operate_sqBlackstone has reportedly teamed up with healthcare conglomerate Danaher Corp to take on private equity competitors in multibillion-dollar bidding for Johnson & Johnson’s diagnostics unit Ortho Clinical.

The consortium is up against Bain Capital, Carlyle, BC Partners and a joint bid from Leonard Green & Partners and CVC Capital according to Reuters, which cited people familiar with the matter.

It said J&J received preliminary offers for Ortho in September and was now seeking a new round of bids by November 11.

J&J had initially hoped to make as much as $5bn from the sale, but potential buyers are now valuing the business closer to $4bn, some of the sources said.

Earlier this year J&J teamed up with Index Ventures and GlaxoSmithKline to launch a €150m fund focused on the life sciences sector.

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