Radiometer Medical has announced that it will be acquiring HemoCure, a Swedish diagnostics firm, as part of its efforts to accelerate company growth and innovation in patient testing.
The life science firm will purchase HemoCure from Quest Diagnostics in a deal worth an initial $300 million (198.02 million pounds) plus customary adjustments for cash balances, with the transaction expected to be finalised in March 2013.
HemoCue employs nearly 500 people around the world and was responsible for creating the world's first system for accurate haemoglobin testing in near-patient settings in 1982, becoming a world leader in this field since then.
Following the completion of the takeover, Radiometer and HemoCue will continue operations as separate companies and brands.
Peter Kurstein, president of Radiometer, said: "The two companies are very similar, both serving vital diagnostic niches in the overall healthcare industry and both leading within their respective areas."
Radiometer is part of the Danaher group and is based in Copenhagen, employing around 2,400 people worldwide.See all the latest jobs in Science