Nipro Corporation recently signed a definitive purchase agreement with Sinocare Group by which the latter will acquire Nipro Corporation’s wholly owned subsidiary, Nipro Diagnostics, for approximately $273 million cash, the corporation announced this week in Fort Lauderdale, Florida.
A global consumer health and wellness outfit based in Fort Lauderdale, Nipro Diagnostics is a leading developer, manufacturer and marketer of advanced performance products for people with diabetes, including a broad portfolio of blood glucose monitoring supplies and technologies.
“This transaction combines one of the fastest growing blood glucose monitoring companies in the U.S with the fastest growing blood glucose monitoring company in China,” Scott Verner, chairman, president and CEO of Nipro Diagnostics, said. “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.”
The company’s manufacturing facilities are located primarily in Florida, New Hampshire and Taiwan. Under the terms of the contract, Nipro Corporation will continue to purchase certain products in agreed-upon markets from Sinocare Group.
“Diabetes has become one of the biggest challenges to our public healthcare system and society,” 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 transaction is expected to be completed within 90 days.
Nipro Corporation, headquartered in Osaka, Japan, has provided medical products to the healthcare community for over 50 years.
Sinocare Group, headquartered in Changsha, China, is dedicated to Biosensor technology and promoting diabetic self-management. Founded in 2002, the company has been listed as one of Asia's 200 Best Under A Billion Company.