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J&J accepts $4 billion offer for Ortho Clinical Diagnostics

Rochester Business Journal
March 31, 2014

Johnson & Johnson has accepted a roughly $4 billion offer for Ortho Clinical Diagnostics from the Carlyle Group, officials said Monday.

The news comes on the day the private-equity group’s Jan. 16 binding offer to buy Ortho Clinical Diagnostics was set to expire, and some seven months after Johnson & Johnson chairman and CEO Alex Gorsky’s 2013 announcement of his company’s intention to put the Rochester-based unit on the block.  
An employer of some 1,100 locally, Ortho Clinical Diagnostics was originally an Eastman Kodak Co. unit turning out Kodak-brand blood analyzers. While the unit, whose products have second- and third-place shares of their markets, is not a poor performer, Gorsky told analysts last year the Rochester unit did not fit with the parent company’s strategy of grabbing the biggest share in all its markets. 

Founded in Washington, D.C., in 1987, the Carlyle Group has $185 billion in assets under management globally. Its past leveraged buyouts include the Hertz Corp. car rental firm, which it acquired as the lead buyer from Ford Motor Co. in a $5.8 billion deal.

The Carlyle Group’s investment “is exactly what the doctor ordered for this home-grown Rochester business. Should this deal be finalized as expected, it will mean that the Ortho-Clinical Diagnostics unit will remain in Rochester, and that on the longer-term, the city will continue to be a hub of high-tech job growth and innovation,” Sen. Charles Schumer, D-N.Y. said in January after conferring with Johnson & Johnson and Carlyle Group officials.

Johnson & Johnson one paragraph announcement affirming the unit’s impending sale offered few details.

“This acceptance was made after consultation with the relevant works councils and trade unions. The transaction is expected to close toward the middle of the year upon satisfaction of customary closing conditions,” the company said in the statement, promising to supply further details during an April 15 quarterly earnings call.  
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail

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