China-based Sinocare Group has signed an agreement with Japan’s Nipro Corporation to acquire its wholly-owned subsidiary 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.
The manufacturing facilities of the firm are situated in Florida, New Hampshire and Taiwan.
Under the deal, Nipro Corporation will continue to buy certain products in agreed upon markets from Sinocare Group.
Nipro Diagnostics chairman, president and CEO Scott Verner said: "This transaction combines one of the fastest growing blood glucose monitoring companies in the US with the fastest growing blood glucose monitoring company in China.
"We have a shared vision and a singular focus to provide innovative and affordable solutions so patients can live healthier lives.Together, we will offer a strong portfolio of solutions to our global customers."
Sinocare Group chairman and CEO Shaobo Li said: "We welcome Nipro Diagnostics to this joint effort with Sinocare Group: we will continue to innovate in our products and services and improve the quality of life for people with diabetes."
Subject to the satisfaction of certain conditions, the deal is expected to be completed within three months.
Established in 2002, Sinocare markets blood glucose monitoring systems in the Chinese market.
Image: Nipro Corporation headquarters in Osaka, Japan. Photo: courtesy of Kirakirameister.