Nipro Corporation announced today it has signed a definitive purchase agreement with Sinocare Group 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.
Subject to the satisfaction of certain conditions, the transaction is expected to close within ninety days.