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news.Axis-Shield, an in-vitro diagnostics company, has purchased the German distribution rights for its point-of-care in-vitro diagnostics products from Progen Biotechnik of Heidelberg, Germany.
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This acquisition is reported to be part of Axis-Shield’s strategy to set up direct distribution in key countries such as Germany, which has the potential to become the largest point-of-care (PoC) market in Europe for the Axis-Shield range.
Axis-Shield took over the distribution of Afinion and NycoCard contractually from March 1, 2009, although Progen will continue distribution on behalf of Axis-Shield until the beginning of May 2009, based on an interim short-term service agreement.
Axis-Shield will employ certain Progen staff currently engaged in PoC activities at the newly created Axis-Shield, which will be based in Heidelberg. The acquisition also includes distribution of a range of self-monitoring blood glucose meters and strips manufactured by the Hungarian medical diagnostics company, 77 Electronika. The consideration for the acquisition is E1.2 million, payable in cash.
Ian Gilham, Axis-Shield’s CEO, said: “This transaction is in line with our strategy to build a direct-selling capability for our PoC products in key European healthcare markets and offers significant potential for growth.
“The German market in particular is very receptive to increased near-patient testing and we see substantial opportunities for Afinion as it continues to establish itself as the best in class PoC analyser for the doctor’s office and other alternate sites, and we look forward to building sales in this key market.”