Home Diagnostics, Inc. (NASDAQ:HDIX) rocketed 89.26% up to $11.45 on news the diabetes testing supplier has signed a merger agreement with Nipro Corporation, a global manufacturer and distributor of medical devices, pharmaceutical products and medical and glass products in Japan. Nipro will acquire all outstanding shares of Home Diagnostics’ common stock for $11.50 per share worth approximately $215 million. The offer price represents an approximately 90% premium to the closing price of Home Diagnostics’ common stock on February 2, 2010, and an approximately 83% premium to Home Diagnostics’ average closing price for the preceding 90 days. Based in Fort Lauderdale, Florida, Home Diagnostics, Inc. develops, manufactures, and markets blood glucose monitoring systems and disposable supplies for people with diabetes worldwide. Home Diagnostics supplies to the rapidly growing $7 billion diabetes testing supplies market.

The diabetes testing market in Japan is the largest in Asia. The market potential of the Japanese diabetes diagnostics market in 2005 was estimated at $401.9 million and is forecast to grow at an annual compound rate of 7% through 2012. The ever-increasing occurrence of diabetes in Japan, and throughout Asia and the resulting higher volumes of diagnostic tests are driving strong growth.

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