CARLSBAD, Calif., Sept. 17, 2012 /PRNewswire/ -- Life Technologies Corporation (NASDAQ:LIFE - News) today announced that the company has entered into a Master Development Agreement with Bristol-Myers Squibb Company (NYSE:BMY) for current and future companion diagnostics projects. The current agreement constitutes the second collaboration between the two companies and represents another step in Life Technologies' strategy to develop its diagnostic business through internal development, partnerships and select acquisitions.
The agreement covers an initial project for oncology and provides for a long-term partnership across a potentially broad range of Life instrument platforms and a wide range of therapeutic areas.
"The pharmaceutical industry is increasingly turning its focus to discovering and delivering targeted, personalized medications," said Ronnie Andrews, president of medical sciences at Life Technologies. "As more and more targeted drugs come onto the market in the next decade, there will be a growing need for diagnostics that can help predict which patients will benefit from which drugs.
"For oncology alone, hundreds of agents are currently in clinical trials," said Andrews, "and we see strong market opportunity in the robust expansion this will mean for the companion diagnostics space."
Life Technologies possesses a breadth of platforms that can be leveraged in the development of new diagnostics. These platforms span both genetic and proteomic analysis, including next-generation sequencing, Sanger sequencing, qPCR, flow cytometry and immuno-histochemistry. In addition, the company recently announced that its Ion Torrent Personal Genome Machine (PGM™) would be developed for proteomics capabilities.
"Life is uniquely positioned to provide pharma a flexible, cost effective means to manage the evolution of the companion diagnostic assay through the drug development process," said Andrews.
About Life Technologies
Life Technologies Corporation (NASDAQ: LIFE) is a global biotechnology company with customers in more than 160 countries using its innovative solutions to solve some of today's most difficult scientific challenges. Quality and innovation are accessible to every lab with its reliable and easy-to-use solutions spanning the biological spectrum with more than 50,000 products for agricultural biotechnology, translational research, molecular medicine and diagnostics, stem cell-based therapies, forensics, food safety and animal health. Its systems, reagents and consumables represent some of the most cited brands in scientific research including: Ion Torrent™, Applied Biosystems®, Invitrogen™, GIBCO®, Ambion®, Molecular
Probes®, Novex®, and TaqMan®. Life Technologies employs approximately 10,400 people and upholds its ongoing commitment to innovation with more than 4,000 patents and exclusive licenses. LIFE had sales of $3.7 billion in 2011. Visit us at our website: http://www.lifetechnologies.com.
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This press release includes forward-looking statements about Life Technologies' anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and Life Technologies' plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe,"
"plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by Life Technologies with the Securities and Exchange Commission. Life Technologies undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
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