Nipro (TYO: 8086) said today it signed a deal sell its diagnostics business to China-based Sinocare for approximately $273 in cash.
Nipro Diagnostics, based in Ft. Lauderdale, Fla., develops, manufactures and markets diabetes products, including glucose monitors, the company said.
“This transaction combines 1 of the fastest growing blood glucose monitoring companies in the United States 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,” Nipro diagnostics CEO Scott Verner said in prepared remarks.
As part of the deal, Nipro will continue to purchase certain products in “agreed upon markets” from Sinocare, the company said.
“Diabetes has become 1 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,” Sinocare CEO Shaobo Li said in a press releae.
The deal is slated to close within the next 90 days, Nipro said.
In September, Nipro said it planned to acquire Infraredx and its cardiovascular imaging device for an undisclosed amount.
Burlington, Mass.-based Infraredx makes an imaging system that combines intravascular ultrasound and near-infrared spectroscopy to provide images of the interior of coronary blood vessels. The company says the device is designed to detect lipid-core-containing plaque, which it says is implicated in higher risk for heart attack or stroke.
In 2013 Nipro put down a $25 million equity investment in Infraredx, which earlier this year withdrew an initial public offering it had hoped would raise $56 million.
