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 detection.

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