INDIANAPOLIS, May 02, 2016 (GLOBE NEWSWIRE) -- PTS Diagnostics, the US-based manufacturer of point-of-care biometric testing devices, including the CardioChek® family of analyzers, A1CNow® systems, and PTS Detect™ cotinine systems, has entered into a definitive sales agreement to be acquired by Sinocare for up to $200 million in cash including contingent considerations of up to $90 million for the successful accomplishment of certain milestones.
Sinocare is the largest manufacturer of high-quality and low-cost blood glucose monitoring systems for the Chinese market. PTS Diagnostics is expecting to become a wholly-owned subsidiary of Sinocare within the next 120 days subject to satisfaction of certain conditions.
“PTS Diagnostics is quite pleased and excited by the many future opportunities that now open for us as a part of Sinocare, as together we will greatly expand our mutual global reach. We share a vision of innovation and creativity, and together we will make our various solutions available to a much larger customer base, driving action and connecting more people to improved outcomes. Our biometric connectivity and information platform, the PTS Connect™ solution, continues to solve significant data management problems for healthcare professionals,” said Robert Huffstodt, President and CEO of PTS Diagnostics.
PTS Diagnostics has a proven track record of driving innovation and efficiency in the point of care biometric testing category. “Our core product portfolio of lipid and HbA1c testing systems also integrate well with Sinocare’s focus on glucose monitoring. The combined company will provide unmatched access to information that will help improve diagnosis and monitoring of multiple chronic diseases. Together, our future will be centered on transforming preventative medicine, biometric testing, and connectivity by providing fast, easy, portable, and accurate medical devices and information management systems to individuals and healthcare professionals,” said Huffstodt.
Likewise, Shaobo Li, Chairman and CEO of Sinocare commented on the successful impact this transaction will have on both companies.
“Sinocare is dedicated to the innovation of biosensor technology and has been providing high quality products and services to people with diabetes and other chronic diseases. Through continuous innovation, PTS Diagnostics has become the market leader of lipid, A1C and other important point of care biometric testing. We know Sinocare and PTS Diagnostics have a shared vision and mission to improve the quality of life for our users,” said Shaobo Li. “Sinocare commends and respects the achievements of the PTS management team and employees, and we are confident that they will be able to continue to deliver and achieve our common goals. We will continue to grow our business and explore opportunities globally and we will provide more innovative and systematic solutions to fight chronic diseases which allow people with diabetes and other chronic diseases to live better and healthier lives.”
Sinocare will further position PTS Diagnostics’ product portfolio in China while PTS Diagnostics will use its extensive US and international distribution network to expand Sinocare’s footprint around the globe.
“This combined company provides great expansion opportunities in the blood glucose, lipid, and HbA1c testing markets around the world,” said Huffstodt. “In addition, PTS Diagnostics together with Sinocare will continue to bring new fingerstick blood testing products to the US and international markets.”
J.P. Morgan Securities LLC is acting as exclusive advisor to PTS Diagnostics. Evercore is acting as exclusive financial advisor to Sinocare.
About PTS Diagnostics
PTS Diagnostics is an innovative, global, point-of-care diagnostics solutions provider that partners with patients and healthcare professionals to provide the right information at the right time to make the right decision. The company’s name represents the three pillars upon which it has built its long-term success: People, Technology and Service. Headquartered in Indianapolis, Indiana, PTS Diagnostics designs, manufactures, distributes and markets products for distribution in more than 135 countries around the world. The company’s signature products include CardioChek® family of lipid and glucose analyzers & products, and A1CNow®+ systems, portable analyzers that in just 5 minutes provides an HbA1c measurement. In addition, PTS Diagnostics recently launched the portable tobacco-detection device, PTS Detect cotinine system. Further, the company offers technology that makes biometric device connectivity flexible and information management simple with its PTS Connect™ solutions. For more information, visit www.ptsdiagnostics.com or contact Tom Wiser at 317-870-5610 or twiser@ptsdiagnostics.com.
About Sinocare
Sinocare consists of Sinocare Group, Trividia Health and its affiliates. Sinocare, headquartered in Changsha, China, is fully dedicated to the innovation of biosensor technology and promoting diabetic self-management by using blood glucose monitoring systems in China. Founded in 2002, the company has been providing high quality and low cost blood glucose monitoring systems to the Chinese market and has been listed as one of Asia's 200 Best Under A Billion Companies. For more information, visit Sinocare at http://www.sinocare.com/en_us/