Bayer to Acquire Visible Genetics, Inc.
By HospiMedica staff writers
Posted on 12 Aug 2002
In a move that will expand its portfolio of molecular diagnostic tests, an agreement has been announced by Bayer Corp., Diagnostics Division (Tarrytown, NY), to acquire Visible Genetics Inc.(VGI, Toronto, Canada) in a cash deal valued at US$61.4 million.Posted on 12 Aug 2002
As part of the transaction, Bayer Diagnostics will acquire the Trugene HIV-1 Genotyping Assay, the only HIV sequencing resistance test available in the United States that is approved by the US Food and Drug Administration (FDA). Combined with Bayer's Versant HIV and hepatitis C virus (HCV) viral nucleic acid tests, these will enable Bayer to have a leading position in the nucleic acid diagnostic (NAD) segment of the professional laboratory market. The acquisition will also include all VGI sequencing assays, such as hepatitis assays, currently in development.
"This acquisition is another milestone in our ongoing strategy to expand our infection disease portfolio that began with our acquisition of Chiron Diagnostics in 1998,” said Rolf Classon, president of Bayer Business Group Diagnostics. "It also supports our strategy to bring to market molecular diagnostic tests that assist the physician in the diagnosis and monitoring of disease and treatment regimens.”
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