Bayer Increases Ownership in PharmaNetics

Under a new agreement, Bayer Diagnostics (Tarrytown, NY, USA) has increased its equity ownership from 7% to 19.9% in PharmaNetics (Raleigh, NC, USA), paying US$17.4 million for newly issued shares of stock in the company.

In addition to this investment, the agreement expands the distribution agreement with PharmaNetics to include its Theranostic tests as part of Bayer Diagnostics' critical care product offering. Bayer retains exclusive rights from PharmaNetics to sell and market Theranostic products outside the United States. The two companies will coordinate commercial activities to leverage each other's resources and expertise to best serve market needs. Also, they will collaborate with PharmaNetics' pharmaceutical partners to establish the value of Theranostic testing on a global basis.

Theranostics is a technology platform that allows doctors to determine patient therapy involving certain drugs that affect coagulation by providing rapid testing results on the biologic effects of the drugs. Depending on the application, the tests can act to screen for certain patient subsets, manage dosing, monitor therapy, or determine efficacy.

"We consider PharmaNetics a center of excellence for coagulation testing,” said Fran Tuttle, senior vice president of Bayer Diagnostics' Near Patient Testing segment. "We are excited to have the opportunity to participate in developing the Theranostic market with PharmaNetics.”





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