The Healthcare Diagnostics subsidiary of Siemens (NASDAQOTH: SIEGY ) has signed a fresh deal with one of the world's largest pharmaceutical companies. Siemens announced today that the unit has signed a "master collaboration" agreement with Pfizer (NYSE: PFE ) to design, develop, and commercialize companion diagnostic tests for the latter's therapeutic drugs. The terms of the arrangement were not made public.
Companion diagnostics are, by Siemens' definition, "clinical tests linked to a specific drug or therapy intended to assist physicians in making more informed and personalized treatment decisions for their patients."
Siemens is heralding the deal as a potentially historic one. It quoted its Healthcare division's senior vice president, strategy & innovations, Trevor Hawkins, as saying that the firm "look[s] forward to collaborating with Pfizer to realize the goal of advancing innovative solutions that change the way patient care is delivered and, together, shape the future of diagnostic medicine."
The deal is the latest in the companion diagnostics sphere for the Germany-based multinational. Last year, it signed similar arrangements with a pair of pharmaceutical companies, ViiV Healthcare and Tocagen.