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Bayer/PharmaNetics

This article was originally published in The Gray Sheet

Executive Summary

Bayer Diagnostics invests $17.4 mil. in coagulation test developer PharmaNetics through purchase of 1.45 mil. shares of common stock at $12 each, increasing its stake in PharmaNetics from 7% to 19.9%. The pact calls for expanding the firms' distribution agreement to include PharmaNetics' Theranostics line as part of Bayer's critical care offering. Bayer will acquire non-exclusive rights to market Theranostics products in the U.S. and provide administrative support. Bayer already has exclusive rights to sell the Theranostics line outside the U.S. The platform allows physicians to manage coagulation therapy by providing rapid test results on the biological effects of drugs. PharmaNetics has collaborations with Aventis, Knoll, and AstraZeneca to develop tests for compounds made by those firms. The Theranostics market is projected to grow more than 20% annually through 2009
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