German firm Siemens Healthineers has entered an agreement to purchase Luxembourg-based molecular diagnostic tests supplier Fast Track Diagnostics (FTD).
Financial details of the deal have not been disclosed.
The acquisition includes FTD sites in Luxembourg, Malta, and India, along with around 80 employees. After the transaction is completed, the firm is set to continue operating as Fast Track Diagnostics.
Through the deal, Siemens intends to bolster its precision medicine portfolio, improve patient outcomes and decrease the time spent in the lab for identifying infections.
Siemens Healthineers Molecular Diagnostics head Fernando Beils said: “By integrating the high-quality and cost-effective solutions of Fast Track Diagnostics into our own cutting-edge molecular diagnostics portfolio, Siemens Healthineers continues to strengthen and expand its presence in the field of molecular testing and precision medicine.”
FTD’s test can detect more than 140 viruses, bacteria, parasites and fungi that cause various infections such as respiratory, gastroenteritis, meningitis, hepatitis, immunosuppressed infections, tropical diseases, sexually transmitted disorders, and early childhood conditions.
Fast Track Diagnostics CEO Bill Carman said: “Combining FTD’s wide range of assays with the Siemens Healthineers portfolio means great things for all of our customers globally.
“In merging our efforts, we’re enabling healthcare providers to meet their current challenges and deliver better outcomes for patients.”
With a total of 48,000 employees, Siemens Healthineers develops products and services for diagnosis, therapeutic imaging, and molecular medicine.
In the fiscal year of 2017 ending on 30 September, the firm is reported to have generated €13.8bn in revenue and €2.5bn of profit.