A PYMNTS Company

Siemens Healthineers Bids Over €200 Million for Novartis’ PET Imaging Business

By  |  August 25, 2024
Novartis

Swiss pharmaceutical giant Novartis has confirmed it received a binding offer from Siemens Healthineers, the German health technology company, to acquire its molecular imaging business focused on Fluorine-18 positron emission tomography (PET) scans. This diagnostic arm is part of Advanced Accelerator Applications, a subsidiary Novartis acquired in 2017.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    According to Reuters, the offer from Siemens Healthineers is valued at over 200 million euros ($224 million). The acquisition will enable Siemens to expand its capabilities in the field of diagnostic imaging, particularly in PET scans, which are crucial in diagnosing and monitoring cancer.

    While Novartis did not disclose the exact value of the deal in a statement to Reuters, the company emphasized that Siemens Healthineers would continue to collaborate with Novartis in its radioligand therapy (RLT) business. The pharmaceutical firm expects the transaction to be finalized by the fourth quarter of this year.

    Neither Advanced Accelerator Applications nor Siemens Healthineers provided immediate comments on the deal outside regular business hours, as reported by Reuters.

    Novartis initially acquired Advanced Accelerator Applications for $3.9 billion, aiming to enhance its portfolio of cancer treatments that utilize radioactive substances. Fluorine-18, as described by the U.S. National Cancer Institute, is a radioactive agent used in PET imaging to diagnose cancer and assess the effectiveness of treatments. This acquisition marks a significant step for Siemens Healthineers in advancing its diagnostic imaging capabilities.

    Source: Reuters