Siemens Medical Solutions reported that it has signed an agreement to acquire the diagnostic division of German chemical and pharmaceutical giant Bayer.
The announcement, which dovetails with Siemens' recent takeover of Diagnostic Products of Los Angeles, will allow the Erlangen, Germany-based company to expand its position in the molecular diagnostics market. The two acquisitions will make Siemens the No. 2 firm worldwide in immunodiagnostics, it said.
The purchase price for Bayer Diagnostics is roughly 4.2 billion euros ($5.3 billion U.S.), according to Siemens.
The company said that the acquisition of Bayer Diagnostics is part of its targeted strategy to create a healthcare integrated diagnostics company combining all imaging diagnostics, laboratory diagnostics, and clinical IT components under one roof. The Siemens/Bayer deal does not include any of the contrast media business that Bayer acquired in its purchase of Schering of Berlin earlier this month.
By AuntMinnie.com staff writers
June 30, 2006
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