Johnson & Johnson (JNJ  ) has received an alluring offer for its Advanced Sterilization Products (ASP) business unit. The New Brunswick, NJ-based company stated that Fortive (FTV  ) is seeking to acquire the business for $2.7 billion.

The sterilization business is part of the Ethicon division and earned about $775 million in sales in 2017. J&J has 120 days to accept the offer and, if the deal goes through, could close no later than early 2019.

ASP supports healthcare facilities in the fight to protect patients against hospital-acquired infections, which are a leading cause of morbidity and mortality. ASP solutions include capital, consumables, and software for use in Low-Temperature Terminal Sterilization and High-Level Disinfection of reusable surgical instruments.

"As we balance the interests of all our stakeholders to deliver the greatest value to customers, healthcare providers and shareholders, we must continuously assess strategic fit and explore alternatives for our businesses," said Shlomi Nachman, Company Group Chairman, Interventional Solutions and Specialty Surgery. "ASP has a long history of pioneering infection prevention technology, and we are confident that Fortive would be well-positioned to continue to drive the business toward achieving its full potential."

Fortive stated that it would finance the acquisition through debt or equity along with free cash. The company said it expects the deal to add to adjusted earnings in the first full year after the transaction.

At the same time, the company has been building its drug pipeline and last year acquired Swiss biotech company Actelion in a $30 billion deal.

"J&J over the last couple of months has focused on managing its portfolio a little bit better to offset some of the slower growing assets," Raymond James analyst Dennis Ding said. "I would think by offloading this business it should improve overall organic growth."

This is the latest in what is becoming a plethora of divestitures for J&J. It is also part of a series of notable changes within the firm's medtech offerings. Back in 2016, J&J's medtech division was not in the best condition; the company cut about 6% of its workforce in the device industry to reduce costs and keep running.

In recent years, the device side has performed a bit better, but that was not enough to stem the tide of divestitures. Early last year, J&J shocked everyone when it announced it was selling its Codman Neurosurgery Business to Integra Lifesciences for $1.05 billion.

Before making this offer, J&J had made public its plans to shut down Animas Corp., which once provided insulin pumps to 90,000 patients. J&J said those insulin pump users would have the option to transfer over to Medtronic pumps.