CHANGSHA, China, Oct. 27, 2015 (GLOBE NEWSWIRE) -- Sinocare Group ([Stock Index:] [SHE 300298]), announced today it has signed a definitive purchase agreement with Nipro Corporation ([Stock Index]: [TYO 8086]), under which Sinocare Group will acquire Nipro Diagnostics, a wholly-owned subsidiary of Nipro Corporation for approximately $273 million in cash. Nipro Diagnostics is a global consumer health and wellness company based in Fort Lauderdale, Florida and 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. 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.” Shaobo Li, Chairman and CEO of Sinocare Group said, “Diabetes has become one of the biggest challenges to our public healthcare system and society. 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 ninety days.
Evercore is acting as exclusive financial advisor to Sinocare Group.
About Nipro Corporation
Nipro Corporation, headquartered in Osaka, Japan, has been a world leader in providing medical products to the healthcare community for over 50 years. In addition to Nipro-branded products, Nipro provides manufacturing support to some of the biggest names in the medical field.
About Sinocare Group
Sinocare Group consists of Sinocare, Inc. and its affiliates. Sinocare, Inc., headquartered in Changsha, China, is fully dedicated to the innovation of Biosensor technology and promoting diabetic self-management by using blood glucose monitoring systems in China. Founded in 2002, the company has been providing high quality and low cost blood glucose monitoring systems to the Chinese market and has been listed as one of Asia's 200 Best Under A Billion Company.