Siemens takes Fast Track Diagnostics for undisclosed amount
December 19, 2017
by Thomas Dworetzky, Contributing Reporter
Siemens Healthineers has inked a deal to acquire Fast Track Diagnostics (FTD).
The Luxembourg-based based firm makes diagnostics tests that can tell the difference between viral, bacterial, or other infections in one test, according to Siemens.
The move is seen as a further investment in cutting-edge medicine by the Healthineers. The deal will boost the firm's VERSANT kPCR Molecular System by more than 80 assays and syndromic panels.
Integrating the FTD solutions with the existing Healthineers portfolio, will let the company “expand its presence in the field of molecular testing and precision medicine,” Fernando Beils, Head of Molecular Diagnostics for the Healthineers said in a statement.
The FTD tests allow for both singleplex and syndromic testing thanks to its real-time Polymerase Chain Reaction (PCR) kits, which are able to amplify nucleic acids (RNA and DNA) in laboratory samples, in order to make a diagnosis about an infection with just a tiny sample from the patient.
Testing is possible for such ailments as respiratory infections, gastroenteritis, meningitis, hepatitis, infections of the immunosuppressed, tropical diseases, sexually transmitted diseases, and early childhood diseases, as well as 140 different viruses, bacteria, parasites, and fungi.
“In addressing the evolving needs of our customers and the molecular testing market, we enable them to provide more efficient and more effective care for their patients,” explained Dr. David Stein, Head of Strategy & Innovation, Siemens Healthineers.
The deal will bring FTD sites in Luxembourg, Malta, and India, and a staff of 80 into the Healthineers fold. The company will continue to use its brand name, Fast Track Diagnostics.
FTD’s CEO Bill Carman said in a statement that the wide range of assays now possible under the Healthineers umbrella means “great things for all of our customers globally.”
Siemens was in the news earlier this month when it announced plans to list its health care unit on the Frankfurt Stock Exchange's Regulated Market.
"Frankfurt is one of the world's largest trading centers for securities, and its importance will continue to increase due to Brexit. As a highly liquid trading venue, Frankfurt is attractive for investors from around the world. The public listing will give Siemens Healthineers entrepreneurial flexibility and access to the capital market. The goal is to grow sustainably and profitably while actively shaping the paradigm shift in the health care industry," chairman of the Siemens Healthineers supervisory board and the member of Siemens' managing board Michael Sen said in a statement.
The move is slated for the first half of 2018.
"Our preparations for the public listing are completely on schedule,” noted Siemens Chief Financial Officer Ralf P. Thomas, adding that both the Strategy 2025 concept and the management team are already in place.
Reports suggest that Siemens intends to sell about 25 percent as part of the listing – worth about $47.5 billion – which would make the IPO the largest in Germany since the 1996 Deutsche Telekom IPO of $13 billion.
It is also the biggest strategic play for CEO Joe Kaeser's efforts to reorganize the Munich-based industrial giant. Kaeser's Vision 2020 plan, begun in 2014, is aiming to narrow Siemens to a core and spin off other divisions in what he has dubbed a “fleet of ships” model, according the the Financial Times.
When asked by HCB News at November's RSNA show about further Siemens strategic plans for the coming year, David Pacitti, president of Siemens Medical Solutions USA Inc. and Head of Siemens Healthineers North America, observed, “I think next year we will be hearing more about outcomes and value. That conversation died down a little bit this year, but I think once things settle down on where the health system is going, there will be a rejuvenated and renewed buzz about focusing on outcomes and value-based care.”
He also stressed that while technological innovation is important, “it's not just technology; it's business model innovation that's going to be a continuing focus as well.”
The Luxembourg-based based firm makes diagnostics tests that can tell the difference between viral, bacterial, or other infections in one test, according to Siemens.
The move is seen as a further investment in cutting-edge medicine by the Healthineers. The deal will boost the firm's VERSANT kPCR Molecular System by more than 80 assays and syndromic panels.
Integrating the FTD solutions with the existing Healthineers portfolio, will let the company “expand its presence in the field of molecular testing and precision medicine,” Fernando Beils, Head of Molecular Diagnostics for the Healthineers said in a statement.
The FTD tests allow for both singleplex and syndromic testing thanks to its real-time Polymerase Chain Reaction (PCR) kits, which are able to amplify nucleic acids (RNA and DNA) in laboratory samples, in order to make a diagnosis about an infection with just a tiny sample from the patient.
Testing is possible for such ailments as respiratory infections, gastroenteritis, meningitis, hepatitis, infections of the immunosuppressed, tropical diseases, sexually transmitted diseases, and early childhood diseases, as well as 140 different viruses, bacteria, parasites, and fungi.
“In addressing the evolving needs of our customers and the molecular testing market, we enable them to provide more efficient and more effective care for their patients,” explained Dr. David Stein, Head of Strategy & Innovation, Siemens Healthineers.
The deal will bring FTD sites in Luxembourg, Malta, and India, and a staff of 80 into the Healthineers fold. The company will continue to use its brand name, Fast Track Diagnostics.
FTD’s CEO Bill Carman said in a statement that the wide range of assays now possible under the Healthineers umbrella means “great things for all of our customers globally.”
Siemens was in the news earlier this month when it announced plans to list its health care unit on the Frankfurt Stock Exchange's Regulated Market.
"Frankfurt is one of the world's largest trading centers for securities, and its importance will continue to increase due to Brexit. As a highly liquid trading venue, Frankfurt is attractive for investors from around the world. The public listing will give Siemens Healthineers entrepreneurial flexibility and access to the capital market. The goal is to grow sustainably and profitably while actively shaping the paradigm shift in the health care industry," chairman of the Siemens Healthineers supervisory board and the member of Siemens' managing board Michael Sen said in a statement.
The move is slated for the first half of 2018.
"Our preparations for the public listing are completely on schedule,” noted Siemens Chief Financial Officer Ralf P. Thomas, adding that both the Strategy 2025 concept and the management team are already in place.
Reports suggest that Siemens intends to sell about 25 percent as part of the listing – worth about $47.5 billion – which would make the IPO the largest in Germany since the 1996 Deutsche Telekom IPO of $13 billion.
It is also the biggest strategic play for CEO Joe Kaeser's efforts to reorganize the Munich-based industrial giant. Kaeser's Vision 2020 plan, begun in 2014, is aiming to narrow Siemens to a core and spin off other divisions in what he has dubbed a “fleet of ships” model, according the the Financial Times.
When asked by HCB News at November's RSNA show about further Siemens strategic plans for the coming year, David Pacitti, president of Siemens Medical Solutions USA Inc. and Head of Siemens Healthineers North America, observed, “I think next year we will be hearing more about outcomes and value. That conversation died down a little bit this year, but I think once things settle down on where the health system is going, there will be a rejuvenated and renewed buzz about focusing on outcomes and value-based care.”
He also stressed that while technological innovation is important, “it's not just technology; it's business model innovation that's going to be a continuing focus as well.”