Chinese firm Sinocare has signed an agreement to acquire the US-based point-of-care biometric testing devices manufacturer PTS Diagnostics for about $200m.
The deal includes contingent considerations of up to $90m for the successful accomplishment of certain milestones.
Based in Indianapolis, PTS Diagnostics produces products, including CardioChek family of lipid and glucose analyzers and products, A1CNow systems and portable analyzers that provide HbA1c measurement in five minutes.
Recently, the firm also introduced portable tobacco-detection device, PTS Detect cotinine system.
The company markets its products in around 135 countries across the globe.
Sinocare chairman and CEO Shaobo Li said: "Sinocare is dedicated to the innovation of biosensor technology and has been providing high quality products and services to people with diabetes and other chronic diseases.
"Through continuous innovation, PTS Diagnostics has become the market leader of lipid, A1C and other important point of care biometric testing."
PTS Diagnostics president and CEO Robert Huffstodt said: "Our combined company will provide unmatched access to information that will help improve diagnosis and monitoring of multiple chronic diseases."
Subject to the satisfaction of certain conditions, the deal is expected to complete within four months.
Earlier this year, Sinocare acquired Nipro Diagnostics, for around $273m in cash.
Based in Fort Lauderdale of Florida, US, Nipro Diagnostics is involved in developing, manufacturing and commercializing advanced performance products for people with diabetes, including a broad portfolio of blood glucose monitoring supplies and technologies.
Sinocare, through its affiliates, produces blood glucose monitoring systems for the Chinese market.
Image: Sinocare to acquire based point-of-care biometric testing devices manufacturer PTS Diagnostics. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.