China-based Sinocare Group has signed an agreement with Japan's Nipro to buy its US wholly owned subsidiary Nipro Diagnostics for $273m.
Based in Fort Lauderdale, Florida, Nipro Diagnostics is focused on developing, manufacturing and commercialising advanced performance products for people with diabetes, including a broad portfolio of blood glucose monitoring supplies and technologies.
The manufacturing facilities of the company are situated in Florida, New Hampshire and Taiwan.
Under the deal, Nipro will continue to buy certain products in agreed markets from Sinocare Group.
Nipro Diagnostics president Scott Verner said: "This transaction combines one of the fastest growing blood glucose monitoring companies in the US 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."
The transaction, which is subject to the satisfaction of certain conditions, is expected to be completed within ninety days.
Sinocare Group chairman Shaobo Li 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."
Established in 2002, Sinocare Group consists of Sinocare and its affiliates, and markets blood glucose monitoring systems in the Chinese market.
Sinocare is dedicated to innovating biosensor technology and promoting diabetic self-management by using blood glucose monitoring systems in China.