Electronics Production | July 28, 2006
Siemens completes acquisition of Diagnostic Products Corporation
Siemens has completed its acquisition of Diagnostic Products Corporation (DPC), marking a significant milestone for Siemens as it enters the in-vitro diagnostics (IVD) market.
Together with DPC, Siemens Medical Solutions will become the first full service diagnostics company. Yesterday, DPC shareholders approved the merger of DPC into a wholly owned subsidiary of Siemens Medical Solutions, Inc. In the merger each share of DPC common stock was converted into the right to receive a cash payment of $58.50 per share. Founded in 1971, DPC is a global leader in immunodiagnostics, focusing on developing, manufacturing, and distributing automated body fluid analyzers and tests, such as those related to cancer and cardiac disease, as well as hormone and allergy conditions. This acquisition is just the first step for Siemens -- on June 29, 2006, Siemens announced its intent to acquire Bayer Healthcare's Diagnostics Division (subject to regulatory approvals). “Today is just the beginning of a fascinating new chapter for Siemens Medical Solutions. DPC is an ideal fit, as it has a similar philosophy to Siemens, with a dedication to trendsetting innovation, customer partnership, and efficiency in healthcare,” said Erich R. Reinhardt, president and CEO of Siemens Medical Solutions of Siemens AG (NYSE: SI). “Combining the strengths of DPC and Bayer Diagnostics with those of Siemens Medical Solutions, we will be in a position to offer our customers and partners an unbeatable IVD combination and a most comprehensive portfolio covering both in-vivo and in-vitro diagnostics, combined with powerful IT solutions.” Reinhardt further explained that the mergers will also expand Siemens' competencies in the innovative and fast-growing area of molecular medicine from in vivo molecular imaging, e.g. PET imaging (Positron Emission Tomography), to the in vitro field, being of specific importance for the early detection of diseases. Molecular medicine has the proven potential to enable healthcare professionals to identify risks for disease based on a patient's genetics, and isolate the molecular makeup of an illness long before a patient ever experiences outward signs of disease. In addition, molecular medicine will help physicians choose suitable medications for a particular patient, predict the effects of those medications, and personalize a patient's treatment. Once the acquisition of Bayer Diagnostics is complete, Siemens will offer solutions in immunodiagnostics, genetic testing, near-patient testing, clinical chemistry, lab automation, hematology (blood cell diagnostics), and beyond. Siemens will bridge the gap between in-vivo and in-vitro diagnostics and offer a unique blend of expertise and technologies in diagnostic imaging, healthcare information technology (IT), molecular biology, and biochemistry to its customers, driving and leading the advancement of personalized healthcare. “DPC employees are looking forward to working with our new Siemens colleagues to drive innovations to help our customers improve their results,” said Michael Ziering, who will continue to serve as CEO of DPC. “We now will have access to a global research and development network that complements and broadens our existing capabilities. We believe that this is a great benefit for existing DPC customers as we take this exciting step forward.” Prior to the merger, DPC was the world's leading independent producer of immunodiagnostic products. The company's diagnostic tests supply information vital to the detection and management of disease, including adrenal/pituitary dysfunction, allergy, anemia, bone metabolism disturbances, cancer, cardiovascular disease, diabetes, and reproductive and thyroid disorders. DPC's product offering includes the widely accepted IMMULITE® series of immunoassay systems, more than 75 immunoassays, and over 370 allergens and allergy panels.
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