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Siemens--Stealing GE's Thunder

Siemens AG continues to assemble the pieces necessary to create a one-stop-shop for medical testing. With its $7 billion take-out of Dade Behring Holdings Inc., the German industrial giant ups the acquisition ante for in vitro diagnostic companies. Rival GE may have to play catch-up if it wants to maintain its leadership position in medical testing.

It’s summertime and the market for in vitro diagnostic companies remains torrid. Barely a year after spending more than $7 billion to acquire Diagnostic Products Corp. [See Deal] and Bayer Diagnostics [See Deal], Siemens AG is at it again. In late July, the German industrial giant agreed to shell out another $7 billion to bring clinical diagnostic specialist Dade Behring Inc. in-house. [See Deal] Once the acquisition is completed, Siemens’ diagnostic arm, Siemens Medical Solutions Diagnostics, will vie with Roche for the top spot in in vitro diagnostic revenues, with both generating more than $3 billion in annual sales of similar products.

Analysts believe Siemens’ quest for industry dominance is the main reason for the company’s aggressive dealmaking these past 18 months....

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