Healthcare Industry News:  Fujirebio Diagnostics 

Diagnostics Mergers & Acquisitions

 News Release - May 31, 2006

Fujirebio Diagnostics Acquires CanAg Diagnostics

Union of Two Industry Leaders with Complementary Strengths To Benefit Global Diagnostics Field through Expanded Offerings and Distribution Channels

MALVERN, Pa.--(HSMN NewsFeed)--May 31, 2006--Fujirebio Diagnostics, Inc., a world-leader in in-vitro diagnostics, today announced that it has acquired 100% of the shares and equity-related instruments of CanAg Diagnostics AB, a leading biotechnology company based in Gothenburg, Sweden. The combination of the competencies and resources of Fujirebio Diagnostics and CanAg Diagnostics, two leaders in the field of serum tumor markers and companies with complementary strengths, will benefit the global diagnostics industry through increased customer offerings and expanded distribution channels to market.

"CanAg Diagnostics possesses outstanding scientific depth and Research & Development capabilities, strong brand recognition and long-standing, positive relationships with major diagnostics companies worldwide," said Paul Touhey, Fujirebio Diagnostics president and chief operating officer. "The combination of the two companies allows us to leverage the technical and scientific resources of both organizations to more effectively and efficiently develop new, innovative assays in the field of cancer care."

Fujirebio Diagnostics, the industry leader in tumor marker assays, specializes in the clinical development, manufacture and commercialization of in-vitro diagnostic products for the management of human disease states, with an emphasis on oncology. For more than 20 years, physicians, oncologists and their patients and have relied on Fujirebio Diagnostics' industry-trusted biomarker tests, considered the "gold standard" in the industry, to better manage cancer care. Fujirebio Diagnostics is currently developing a series of new diagnostic products to help doctors detect and/or monitor cancers associated with the bladder, lungs, and ovaries.

"This merger will result in greater resources for product development while creating a broader market platform for CanAg Diagnostics' existing product portfolio," said Mr. Jan Sundqvist, CanAg Diagnostics' president and CEO. "The merger with Fujirebio Diagnostics is recognition of the achievements of CanAg Diagnostics. The complementary synergies in R&D and clinical focus areas create stimulating possibilities for the future and we are looking forward to being a part of Fujirebio Diagnostics," said Dr. Olle Nilsson, vice president, CSO and co-founder of CanAg Diagnostics.

"The strategic aims for the Venture Capitalists when investing in CanAg Diagnostics were to build value in a leading in vitro diagnostic company with a strong product portfolio and positive cash flow. The divestment of the company marks the completion of these strategic aims," said Mr. Anders Bergholtz, chairman CanAg Diagnostics.

Investors in CanAg Diagnostics now divesting their holdings in the company include Karolinska Investment Fund, Swedish Industrial Development Fund, New Business Venture Fund, MP Bio and Founders.

About CanAg Diagnostics

CanAg Diagnostics is focused on the development of immunological reagents (monoclonal antibodies) against biochemical markers of disease and aims to use these reagents for the development of laboratory tests. CanAg Diagnostics has more than 20 years of experience in the development of high quality monoclonal antibodies and laboratory tests, which improve diagnosis and treatment for patients with the most common solid cancers. For more information, visit www.canag.com.

About Fujirebio Diagnostics

Fujirebio Diagnostics, Inc. is a premier diagnostics company and the industry leader in tumor marker assays. Fujirebio Diagnostics specializes in the clinical development, manufacturing and commercialization of in-vitro diagnostic products for the management of human disease states, with an emphasis in oncology. In November 1998, Fujirebio, Inc. of Tokyo, Japan, acquired the company, formerly known as Centocor Diagnostics. Fujirebio Diagnostics utilizes its worldwide distribution network to enable access by physicians and patients to its diagnostic products. For more information about Fujirebio Diagnostics, please call 610-240-3800 or visit www.fdi.com.

Forward-Looking Statement

Any statements in this press release about future expectations, plans or prospects for the Company constitute forward-looking statements. These statements involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Fujirebio Diagnostics undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Fujirebio Diagnostics' business.


Source: Fujirebio Diagnostics

Issuer of this News Release is solely responsible for its content.
Please address inquiries directly to the issuing company.



FindReps - Find Great Medical Independent Sales Reps without recruiter fees.
FindReps - available on the Apple App Store for iPhone and iPad.