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TheStreet Open House

Siemens Enters Into Master Agreement With Pfizer For Companion Diagnostics

Stocks in this article: SI

Today, Siemens Healthcare Diagnostics Inc. announces that it has entered into a master collaboration agreement with Pfizer Inc. to design, develop and commercialize diagnostic tests for therapeutic products across Pfizer’s pipeline. Under the agreement, Siemens will be one of Pfizer’s collaboration partners to develop and provide in vitro diagnostic tests for use in clinical studies and, potentially, eventual global commercialization with Pfizer products.

The partnership will leverage Siemens’ worldwide leadership in providing clinical diagnostic solutions for hospital and reference laboratories, specialty laboratories and point-of-care settings (including clinics and physician offices) to help enable diagnostics development.

“Companion diagnostics are an important enabler of targeted therapies for patients,” said John Hubbard, Senior Vice President and Worldwide Head of Development Operations at Pfizer. “This agreement with Siemens Healthcare Diagnostics is another example of Pfizer’s commitment to develop new precision medicines to address unmet clinical needs.”

Companion diagnostic tests are clinical tests linked to a specific drug or therapy intended to assist physicians in making more informed and personalized treatment decisions for their patients. When used in the drug development process, companion diagnostics may help pharmaceutical companies improve patient selection and treatment monitoring, determine the preferred therapy dosing for patients, and establish a protocol to help maximize the treatment benefit for patients.

“Our relationship with Pfizer marks a major milestone in Siemens’ personalized medicine strategy,” commented Dr. Trevor Hawkins, Senior Vice President, Strategy & Innovations, Diagnostics Division, Siemens Healthcare. “We look forward to collaborating with Pfizer to realize the goal of advancing innovative solutions that change the way patient care is delivered and, together, shape the future of diagnostic medicine.”

The Siemens Clinical Laboratory (SCL), a “high-complexity,” cutting-edge testing laboratory focused on advancing personalized medicine, will develop the companion diagnostic tests under the master agreement.

The Siemens Healthcare Sector is one of the world's largest suppliers to the healthcare industry and a trendsetter in medical imaging, laboratory diagnostics, medical information technology and hearing aids. Siemens offers its customers products and solutions for the entire range of patient care from a single source – from prevention and early detection to diagnosis, and on to treatment and aftercare. By optimizing clinical workflows for the most common diseases, Siemens also makes healthcare faster, better and more cost-effective. Siemens Healthcare employs some 52,000 employees worldwide and operates around the world. In fiscal year 2013 (to September 30), the Sector posted revenue of 13.6 billion euros and profit of 2.0 billion euros. For further information please visit: www.siemens.com/healthcare.

Copyright Business Wire 2010

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