Diagnostic Products (NYSE:DP)
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From May 2019 to May 2024
Siemens announced today that it has completed its
acquisition of Diagnostic Products Corporation (DPC) (NYSE:DP),
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.
Earlier today, DPC shareholders approved the merger of DPC and a
wholly owned subsidiary of Siemens Medical Solutions, Inc. In the
merger, which is now complete, 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 disease. 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(R) series of immunoassay systems, more
than 75 immunoassays, and over 370 allergens and allergy panels.
Siemens Medical Solutions, with headquarters in Malvern,
Pennsylvania, and Erlangen, Germany, is one of the largest suppliers
to the healthcare industry in the world. The company is known for
bringing together innovative medical technologies, healthcare
information systems, management consulting, and support services, to
help customers achieve tangible, sustainable, clinical and financial
outcomes. Employing approximately 35,000 people worldwide and
operating in more than 120 countries, Siemens Medical Solutions
reported sales of EUR 7.6 billion, orders of EUR 8.6 billion and group
profit of EUR 976 million for fiscal 2005 (September 30). More
information can be obtained by visiting
www.usa.siemens.com/medical-pressroom and www.dpcweb.com.
In addition to the historical information contained herein, this
press release contains forward-looking statements that involve risks
and uncertainties that could cause actual results to differ materially
from those currently anticipated as a result of a number of factors,
including, without limitation, risks and uncertainties related to
receipt of regulatory approvals required in connection with the
acquisition of Bayer Healthcare's Diagnostics Division; governmental
or other action relating to DPC's Chinese affiliate; the rate of
customer demand for DPC's products; DPC's ability to successfully
market new and existing products; DPC's dependence on certain
suppliers; domestic and foreign government regulation; DPC's ability
to keep abreast of technological innovations and to translate them
into new products; competition; political and economic instability in
certain markets; movements of foreign currencies relative to the
dollar; and other risks and uncertainties disclosed from time to time
in DPC's reports and filings with the Securities and Exchange
Commission. We cannot assure that the anticipated benefits from the
combination of these businesses will be realized, and we assume no
obligation to update any forward-looking statements as a result of new
information or future events or developments.