The private equity firm Carlyle Group said on Thursday that it had agreed to acquire the clinical testing division of Johnson & Johnson for $4.15 billion, its first big buyout of the year.
The deal for the unit, Ortho-Clinical Diagnostics, comes after several weeks of negotiations. Carlyle is using cash from its sixth buyout fund, a $13 billion pool of money it finished raising in November.
Subject to regulatory approvals, the deal is expected to close in the middle of this year.
“Through accelerated investment in research and product development and continued expansion into both emerging and established markets, we expect to tap into rising demand for sophisticated medical diagnostic products and services worldwide,†Stephen H. Wise, a Carlyle managing director, said in a statement on Thursday.
Ortho-Clinical Diagnostics, based in Raritan, N.J., with operations around the world, runs several medical tests, most prominently those for blood.
For Carlyle, the deal is the latest in a string of health care investments over the years, including in the clinical drug testing company Pharmaceutical Product Development and the nursing home operator ManorCare. Carlyle, which is based in Washington, has invested $6.3 billion of equity in health care deals since its inception.
“In combination with Carlyle’s global reach and deep experience in the health care sector, O.C.D. will have the opportunity to invest in new, innovative products and services for its customers and provide an environment for its professionals to excel in a competitive global marketplace,†Eric Compton, the worldwide president of Ortho-Clinical Diagnostics, said in a statement.
Barclays and Goldman Sachs provided financial advice to Carlyle, while Barclays, Goldman, Credit Suisse, UBS and Nomura committed debt financing. Latham & Watkins was Carlyle’s legal adviser.
