Siemens forms new molecular imaging division after acquisition of CTI
21 June 2005
Hoffman Estates, Ill., USA. Following the acquisition of CTI Molecular
Imaging, the world's leading provider of positron emission technology (PET),
Siemens has formed a new division called Siemens Medical Solutions Molecular
Imaging, to combine all its nuclear medicine operations.
This announcement comes after the May 4, 2005 expiration of Siemens
tender offer to acquire all of the issued and outstanding shares of CTI
stock at $20.50 per share. The transaction has a total value of
approximately $1 billion.
With this completed acquisition and the formation of a division focused
on PET and single photon emission computed tomography (SPECT)-based
molecular imaging technologies, Siemens continues and strengthens its
commitment to molecular imaging development, technological innovation and
the creation of dynamic new technologies that will revolutionize the
diagnosis and treatment of disease. This includes the development and
distribution of molecular biomarkers, preclinical imaging for research and
pharmaceuticals, and application and post-processing for molecular imaging.
“Uniting Siemens Nuclear Medicine with CTI to form a new molecular
imaging division supports our vision to be the innovation trendsetter in the
healthcare industry,” said Erich Reinhardt, Ph.D., president and CEO,
Siemens Medical Solutions. “By strengthening our leadership position in
identifying disease earlier at the molecular level, we continue to transform
the delivery of healthcare by improving patient care while reducing costs.”
Leading Siemens Medical Solutions Molecular Imaging will be Michael
Reitermann, president of the former Siemens Nuclear Medicine division.
Ronald Nutt, Ph.D., founder and former president and CEO of CTI Molecular
Imaging, is now the chief scientific advisor of the new Siemens division.
“Siemens and CTI have had a long-standing partnership through our joint
venture, CTI PET Systems (CPS), so joining together to form Siemens Medical
Solutions Molecular Imaging is a natural progression in our relationship,”
said Reitermann. “Together, we will give our customers access to the leading
PET and SPECT technology, and will expand and build on CTI’s broad know-how
in the field of molecular diagnostics.”
“CTI and Siemens are two pioneering companies in the healthcare
technology field,” said Nutt. “This new partnership marks an exciting step
in our quest to discover and pursue new paths in molecular medicine, and
reflects our overall strategy to personalize healthcare and positively
impact the way illness is identified and treated.”
About molecular imaging
Molecular imaging is generally defined as the in vivo characterization
and measurement of biological processes at the cellular or molecular level.
Compared to conventional diagnostic imaging, it examines the specific
molecular abnormalities that are the origin of disease, rather than
providing images of the resulting condition. With molecular imaging, earlier
diagnosis of disease will be possible, since changes at the molecular level
always precede anatomical structural changes.
The emergence of molecular imaging may influence a shift in healthcare
from “sickness repair” to focus on maintaining wellness. To achieve this, a
comprehensive set of diagnostic tools that includes molecular imaging
techniques, such as PET, is required for pre-symptomatic/early disease