NEW YORK (360Dx) – DiaSorin on Tuesday announced a binding agreement to purchase from Siemens Healthineers its microtiter-based ELISA immunodiagnostics business and related tangible and intangible assets for €47.5 million ($55.3 million).
DiaSorin said the deal is being conducted on a debt-free, cash-free basis, and is expected to be completed in the second half of 2017. It includes mainly Siemen's customer's sales and distribution contracts, the installed instrument base, and relevant intellectual property. It does not include employee transfers or manufacturing facilities and capabilities.
Siemens will continue to exclusively manufacture and provide to DiaSorin its ELISA immunodiagnostic reagent kits for up to three years.
In a statement, DiaSorin said that the deal aligns with its strategy to convert clients using ELISAs to the firm's CLIA platforms and products solutions that leverage "the completeness of its CLIA menu and the features of [DiaSorin's] PCR-based Liaison MDX platforms."
Siemen's ELISA immunodiagnostic business will enable DiaSorin to access a "significant client base" primarily in Europe, and expand its global commercial presence, DiaSorin said.
"We think this deal would perfectly fit with our long-term strategy aimed at expanding our customer base leveraging on our extensive CLIA specialties menu and Liaison platforms," DiaSorin Group CEO Carlo Rosa said in a statement.
Siemens' ELISA immunodiagnostic products are marketed to hospitals, private laboratories, and blood banks. During the fiscal year ended Sept. 30, 2016, it recorded revenues of around €47 million.
In March 2016, DiaSorin, based in Saluggia, Italy bought Quest Diagnostics'  Focus Diagnostics' immunoassay and molecular diagnostics products for $300 million in cash.