PTS Diagnostics 05.05.16
Point-of-care biometric testing device maker PTS Diagnostics is being purchased by Sinocare for up to $290 million. According to the deal, Sinocare will pay up to $200 million in cash for PTS and contingent considerations of up to $90 million if certain milestones are met.
Sinocare is the largest manufacturer of low-cost blood glucose monitoring systems in China. PTS Diagnostics, which manufactures the CardioChek family of analyzers, A1CNow systems, and PTS Detect cotinine systems, will become a wholly-owned subsidiary of Sinocare in the next 120 days (four months), the companies announced.
"PTS Diagnostics is quite please 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," said Robert Huffstodt, president and CEO of PTS Diagnostics. "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."
PTS Diagnostics helps drive efficiency in the point-of-care biometric testing sector.
"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," Huffstodt added.
J.P. Morgan Securities LLC is acting as the exclusive advisor to PTS Diagnostics, while Evercore is the exclusive financial advisor to Sinocare.
"Sinocare is dedicated to the innovation of bionsensor 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," Sinocare Chairman and CEO Shaobo Li said. "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 U.S. and international distribution network to expand Sinocare's global footprint.
"The combined company provides great expansion opportunities in the blood glucose, lipid, and HbA1c testing markets around the world. In addition, PTS Diagnostics together with Sinocare will continue to bring new fingerstick blood testing products to the U.S. and international markets," Huffstodt concluded.
Headquartered in Indianapolis, Ind., PTS Diagnostics designs, manufactures, distributes, and markets products for distribution in more than 135 countries worldwide.
Founded in 2002, Changsha, China-based Sinocare provides blood glucose monitoring systems to the Chinese market. It has been listed as one of Asia's 200 Best Under a Billion companies.
Sinocare is the largest manufacturer of low-cost blood glucose monitoring systems in China. PTS Diagnostics, which manufactures the CardioChek family of analyzers, A1CNow systems, and PTS Detect cotinine systems, will become a wholly-owned subsidiary of Sinocare in the next 120 days (four months), the companies announced.
"PTS Diagnostics is quite please 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," said Robert Huffstodt, president and CEO of PTS Diagnostics. "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."
PTS Diagnostics helps drive efficiency in the point-of-care biometric testing sector.
"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," Huffstodt added.
J.P. Morgan Securities LLC is acting as the exclusive advisor to PTS Diagnostics, while Evercore is the exclusive financial advisor to Sinocare.
"Sinocare is dedicated to the innovation of bionsensor 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," Sinocare Chairman and CEO Shaobo Li said. "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 U.S. and international distribution network to expand Sinocare's global footprint.
"The combined company provides great expansion opportunities in the blood glucose, lipid, and HbA1c testing markets around the world. In addition, PTS Diagnostics together with Sinocare will continue to bring new fingerstick blood testing products to the U.S. and international markets," Huffstodt concluded.
Headquartered in Indianapolis, Ind., PTS Diagnostics designs, manufactures, distributes, and markets products for distribution in more than 135 countries worldwide.
Founded in 2002, Changsha, China-based Sinocare provides blood glucose monitoring systems to the Chinese market. It has been listed as one of Asia's 200 Best Under a Billion companies.