Nipro (TYO: 8086) said today it closed the $273 million sale of its diagnostics business to China-based Sinocare, which renamed the newly acquired company to Trividia Health.
Former Nipro Diagnostics CEO and chair Scott Verner will stay on as CEO and prez of Trividia health, joined by “key executives” from the current management team, according to the press release. The company will also retain its location in the United States.
“Like Sinocare, Nipro Diagnostics has the long-term vision of being a leading global health and wellness company that offers innovative, high-value solutions so patients can live healthier lives. We have a great deal of respect for what the management team and employees have accomplished at Nipro Diagnostics, and we are confident in their ability to accelerate our shared vision. Joined together, our proven portfolio of products and services, our combined future direction and our strong confidence in the people who design, manufacture and sell our products and services, will be vital to attaining our shared goals,”Sinocare CEO Shaobo Li said in a press release.
Ft. Lauderdale, Fla.-based Nipro Diagnostics develops, manufactures and markets diabetes products, including glucose monitors.
“Our company has experienced strong growth as a result of our new product launch cadence and our investments in highly sophisticated manufacturing and distribution facilities in the United States. This is an exciting next chapter for our combined company. I’m proud to have led the company through many changes in the public and private markets. I look forward to maximizing the global potential of our portfolio of solutions for patients, healthcare providers and our customers,” Verner said in prepared remarks.
The deal was 1st announced in October last year, and as part of the deal, Nipro said it will continue to purchase certain products in “agreed upon markets” from Sinocare.
This article originally appeared on MassDevice.com’s sister site, Medical Design & Outsourcing.
