The company said the purchase will give the company an “entry point” into next-generation-sequencing-based genomic testing as well as expanding its precision medicine and companion diagnostics.
“Siemens Healthineers’ mission is to be the enabler of healthcare providers worldwide, working together with them as a trusted partner to improve medical outcomes and to reduce costs. As part of this mission, we are focused on expanding our business in three fields: molecular diagnostics, services and advanced therapies. Neo New Oncology aligns with these 3 fields by providing molecular diagnostics-based services and products that have the potential to guide diagnosis as well as therapy decisions in oncology. This acquisition allows us to enter this field, an area not covered by our current business, with state-of-the-art offerings,” Siemens Healthineers strategy & innovation head David Stein said in a press release.
Neo New Oncology is developing a liquid biopsy test for analyzing genomic profiles of solid tumors from blood samples. The company’s tech system allows for the analysis of circulating tumor DNA with “high accuracy,” the company said.
“The acquisition of Neo New Oncology will allow us to offer high-quality oncology tests and related services for physicians, hospitals and laboratories. Covering both blood based and tissue based genomic tests, we will be able to provide clinically actionable results based on the latest scientific insights. We are already working with the Neo New Oncology team and strong partners in research to further broaden our molecular services portfolio and to extend our geographic reach by offering the tests in key global markets,” Siemens molecular services head Sebastian Kronmueller said in a prepared statement.
Neo New Oncology was founded in 2012 and maintains 30 employees. The purchase of the company was closed in late March 2016.
“We are excited about being part of Siemens Healthineers. The global presence will help us to grow and expand into new markets. We want to develop new, integrated solutions for cancer diagnostics with Siemens Healthineers, expand our portfolio of tests and offer services that will help physicians to select the right therapy for their patients,” Neo New Oncology CEO Andreas Jenne said in prepared remarks.