“This is an important investment for us in a business that serves millions of patients around the world,” Platinum Equity Chairman and CEO Tom Gores said in a statement in March.
The transaction was included in the earnings forecast J&J gave in January.
Last year, J&J said it was reviewing strategic options for several of its diabetes businesses, including LifeScan, Calibra Medical and Animas. In October, J&J announced it had decided to close Animas and exit the insulin pump market. It chose Medtronic as its partner to transition current patients.
Shares of J&J dipped 0.4 percent in after-hours trading.