Nova Biomedical to acquire blood glucose monitor distributor
WALTHAM, Mass. A company that manufactures blood glucose monitors plans to buy the company that distributes them.
Nova Biomedical Corp. announced Thursday that it would acquire Sanvita CBGM, a subsidiary of CCS Medical that distributes Nova’s NovaMax monitor under an exclusive agreement.
“Nova Biomedical and Sanvita have had a mutually beneficial business relationship for more than two years,” Nova president and CEO Francis Manganaro said in a statement. “While our existing business model has served us well to date, we believe that now is the right time for our CBGM subsidiary to assume full control of the distribution of our consumer glucose brand, NovaMax.”
Financial terms of the deal were not immediately disclosed.