Nipro Diagnostics, a manufacturer of products for diabetics, will be purchased by China-based Sinocare Group for approximately $273 million in cash, the subsidiary’s parent company, Nipro Corp., announced Tuesday.
The Fort Lauderdale-based subsidiary develops and manufactures a portfolio of FDA-approved blood glucose monitoring test strips and other supplies and technologies. Besides Fort Lauderdale, Nipro Diagnostics has manufacturing operations in New Hampshire and Taiwan. Nipro Diagnostics has 770 employees, and about 450 of them are based in Fort Lauderdale, said Lisa Nardi, vice president of marketing for Nipro Diagnostics. Current operations and management will remain in Fort Lauderdale after the acquisition, she said.
“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. We have a shared vision and a singular focus to provide innovative and affordable solutions so patients can lead healthier lives,” Scott Verner, Nipro Diagnostics chairman, president and CEO, said in a statement.
Nipro Diagnostics remained in Fort Lauderdale in 2010, when predecessor Home Diagnostics was acquired by Osaka, Japan-based Nipro Corp. During 2011 and 2012, Verner planted even deeper roots in the region, with the company investing $100 million in real estate and manufacturing operations in Broward County.
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Sinocare, headquartered in Changsha, China, develops biosensor technology and provides low-cost blood glucose monitoring systems to the Chinese market. The transaction is expected to be completed within 90 days, Nipro said.
The Sun Sentinel contributed to this report.