Bayer completes acquisition

Published: 1-Dec-2002
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Bayer, through its US subsidiary Bayer Corporation, has completed its purchase of Toronto-based Visible Genetics in a cash deal valued at approximately US$61.4m (€61.3m). As a result of the acquisition, Bayer HealthCare Diagnostics, based in Tarrytown, New York, will gain VGI's FDA-approved automated OpenGene DNA sequencing systems and Trugene branded kits for the analysis of genes linked to disease.

The merger allows Bayer to offer its customers access to assays that are critical in the diagnosis and management of hepatitis B and C infections. In addition, the VGI platform will be important for future applications in the management of diseases such as cancer and inherited genetic disorders.

'This acquisition provides Bayer access to one of the fastest growing segments within the diagnostics industry,' said Dr Peter Knueppel, senior vp of Bayer HealthCare Diagnostics' Nucleic Acid Diagnostics segment. 'The infectious disease testing segment is expected to grow 20% annually through 2005 - representing worldwide sales of about $1bn (€900m) per year.'

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