Under the deal, Sinocare made $110m cash payment to PTS Diagnostics.
The transaction also includes an additional contingent consideration of up to $90m based on the achievement of certain milestones over the next 18 months.
Based in Indianapolis, PTS Diagnostics manufactures CardioChek family of lipid analyzers A1CNow systems and PTS Detect cotinine systems.
The company also produces PTS Connect solution, a connectivity and information management platform that offers population health management capabilities.
PTS Diagnostics distributes its products in around 135 countries across the globe
PTS Diagnostics president and CEO Robert Huffstodt said: “The acquisition of PTS Diagnostics by Sinocare will further position the company for future growth.
“Sinocare has created a family of companies that are uniquely positioned to enlarge its customer base, drive action and connect more people to improved outcomes.”
Sinocare chairman and CEO Shaobo Li said: “PTS Diagnostics brings its leading cholesterol and A1C testing systems under the same umbrella as Sinocare’s pre-eminent glucose testing devices sold in China and Trividia’s market-leading, store- and private-label glucose testing products sold in the US.”
Last year, Sinocare acquired Fort Lauderdale-based Trividia Health, which develops, produces and markets products to treat people with diabetes.
Through its subsidiaries, Sinocare produces blood glucose monitoring systems for the Chinese market.
Image: Sinocare has acquired US-based PTS Diagnostics. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.
