Johnson & Johnson had launched a sale process for its Ortho Clinical Diagnostics unit, said people who were familiar with the process. Ortho Clinical Diagnostics provides blood screening equipment and laboratory blood tests. The sale was said to fetch approximately USD5 billion, according to same sources.

JP Morgan Chase & Co. was appointed by J&J to run the sale. JP Morgan had prepared detail financial information to potential buyers in the coming weeks. Potential buyers included some of the biggest names in the private equty world. It also included a number of healthcare companies, according to sources.

An early estimate suggested that the unit's earnings before interest tax, depreciation and amortization were between USD400 and USD500 million, said sources. A possible valuation of around USD5 billion could be added. The sources asked not to be names as the process was not yet public.

A spokesperson for JP Morgan declined to give comment regarding the report while a representative from J&J had no immediate statement.

J&J's Ortho Clinical Diagnostics unit had annual sales of approximately USD2 billion.