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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. It also represents the increasing medicalization of Siemens, a trend...

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