January 23, 2018 / 11:44 AM / a month ago

China's Sinocare in deal talks, it says after reported interest in J&J unit

HONG KONG (Reuters) - Chinese medical company Sinocare Inc 300298.SZ is in preliminary talks on a potential deal, it said on Tuesday after Reuters reported last week that it was a potential bidder for U.S. group Johnson & Johnson’s (JNJ.N) diabetes care business.

Reuters reported on Jan. 17 that a consortium of Sinocare and China Jianyin Investment, owned by sovereign wealth fund China Investment Corp, has hired an adviser to work on a possible deal with J&J worth up to $4 billion.

    Sinocare, which develops and manufactures blood sugar monitoring systems, said in a stock exchange filing that it had hired advisers to study the structure and pricing of a potential transaction but had not submitted any binding bid to the potential seller nor reached any agreement.

    The company said there is no timetable for a bidding process and no guarantee that talks would continue.

    Sinocare, which suspended trading of its shares on Jan. 18, will resume trading tomorrow, it said.

    Reporting by Kane Wu; Editing by David Goodman

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