10.27.15
Changsha, China-based Sinocare Group Ltd. has signed a deal to purchase Nipro Diagnostics, a subsidiary of Nipro Corporation, for approximately $273 million in cash. Nipro is headquartered in Osaka, Japan.
Based in Fort Lauderdale, Fla., Nipro Diagnostics makes advanced performance products for people with diabetes, including a broad portfolio of blood glucose monitoring supplies and technologies. The company’s manufacturing facilities are principally located in Florida, New Hampshire and Taiwan. Under the terms of the agreement, Nipro Corporation will continue to purchase certain products in agreed upon markets from Sinocare Group.
“This transaction combines one of the fastest growing blood glucose monitoring companies in the United States with the fastest growing blood glucose monitoring company in China,” said Scott Verner, Nipro Diagnostics chairman, president and CEO. “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.”
“Diabetes has become one of the biggest challenges to our public healthcare system and society,” said Shaobo Li, chairman and CEO of Sinocare Group. “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 close within ninety days.
The Sinocare Group consists of Sinocare Inc. and its affiliates. Sinocare Inc. is dedicated to biosensor technology and promoting diabetic self-management by using blood glucose monitoring systems in China. Founded in 2002, the company has been providing low cost blood glucose monitoring systems to the Chinese market and has been listed by Forbes as one of Asia's 200 Best Under A Billion companies.
Based in Fort Lauderdale, Fla., Nipro Diagnostics makes advanced performance products for people with diabetes, including a broad portfolio of blood glucose monitoring supplies and technologies. The company’s manufacturing facilities are principally located in Florida, New Hampshire and Taiwan. Under the terms of the agreement, Nipro Corporation will continue to purchase certain products in agreed upon markets from Sinocare Group.
“This transaction combines one of the fastest growing blood glucose monitoring companies in the United States with the fastest growing blood glucose monitoring company in China,” said Scott Verner, Nipro Diagnostics chairman, president and CEO. “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.”
“Diabetes has become one of the biggest challenges to our public healthcare system and society,” said Shaobo Li, chairman and CEO of Sinocare Group. “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 close within ninety days.
The Sinocare Group consists of Sinocare Inc. and its affiliates. Sinocare Inc. is dedicated to biosensor technology and promoting diabetic self-management by using blood glucose monitoring systems in China. Founded in 2002, the company has been providing low cost blood glucose monitoring systems to the Chinese market and has been listed by Forbes as one of Asia's 200 Best Under A Billion companies.