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Update Dade: Creating a Dx Consolidator

Executive Summary

When Bain Capital created Dade International from Baxter's diagnostics business, it saw Dade as a platform for taking advantage of consolidation in the diagnostics industry. It has lived up to its word.

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Sysmex Bets on Best of Breed

Sysmex Corp. of America and Roche Diagnostics are ending their four-year-old hematology alliance a year early. Both companies say the alliance has been successful. But Roche wants to focus on its franchises in fast-growing segments of the laboratory, and Sysmex, with a series of hematology product introductions underway, wants to raise its profile in the US. The move also signals an about-face from the initial premise for doing the deal, one which was widely pervasive throughout the medical device and diagnostics sectors in the 1990s: that customers want one-stop shopping and the discounts that come from bundling one manufacturer's broad product lines. Sysmex instead is turning to a best-of-breed strategy, which has served it well in major European markets, and which, it believes, will ultimately be more lucrative.

Sysmex Bets on Best of Breed

Sysmex Corp. of America and Roche Diagnostics are ending their four-year-old hematology alliance a year early. Both companies say the alliance has been successful. But Roche wants to focus on its franchises in fast-growing segments of the laboratory, and Sysmex, with a series of hematology product introductions underway, wants to raise its profile in the US. The move also signals an about-face from the initial premise for doing the deal, one which was widely pervasive throughout the medical device and diagnostics sectors in the 1990s: that customers want one-stop shopping and the discounts that come from bundling one manufacturer's broad product lines. Sysmex instead is turning to a best-of-breed strategy, which has served it well in major European markets, and which, it believes, will ultimately be more lucrative.

On the Verge of a Deal for Dade Behring

A year ago, Dade Behring, the nation's sixth largest diagnostics company, was facing a huge debt and very angry debt holders. Now, the company seems close to a deal that would allow it to cut the debt in half (to about $750 million) and give debtholders full ownership of Dade Behring. The company would file a voluntary pre-packaged bankruptcy in federal court, which would also enable it to start trading securities on the public equities market. Nothing is finalized, but sources say the company is confident it will prevail. Meanwhile, its financial performance is picking up, with strong growth in all core product lines.

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