Johnson & Johnson (NYSE:JNJ) tapped JPMorgan Chase & Co. to shop its Ortho Clinical Diagnostics blood testing business to potential buyers, which could reportedly include Abbott (NYSE:ABT), GE (NYSE:GE) and Danaher (NYSE:DHR).
Johnson & Johnson will also look to interest private equity buyers in the unit, which threw off between $400 million and $500 million in earnings before interest and other charges, according to Reuters, citing "3 people familiar with the matter." Ortho Clinical Diagnostics posts annual sales of about $2 billion.
Earlier this year the New Brunswick, N.J.-based healthcare conglomerate said it planned to seek "strategic alternatives" for the OCD unit, according to the news service, usually a signal that a business could come up for sale.
The OCD operation could "be a good fit" for Abbott’s diagnostics division, which pulled down about $2.2 billion during the 1st half of the year, Crain’s Chicago Business reported.