November 3, 2008
Covidien and PETNET Solutions Enter Co-Marketing Agreement for Nuclear Medicine Products
Covidien (NYSE: COV, BSX: COV), a leading global provider of healthcare products, and PETNET Solutions, a wholly-owned subsidiary of Siemens Medical Solutions USA, Inc. and a leader in radiopharmaceutical distribution, jointly announced they have entered into a co-marketing agreement to offer a combined portfolio of high energy and low energy radioisotopes to the nuclear medicine community in the United States.
Through the agreement, Covidien Imaging Solutions and PETNET will create a network of nuclear imaging product offerings to expand customer access to a wider range of products, including molecular imaging agents, or radiopharmaceuticals, designed to illuminate conditions, such as cancer or heart disease, during imaging procedures. The agreement brings together Covidien's single photo emission computed tomography (SPECT) products and PETNET's positron emission tomography (PET) products.
"This agreement further validates the efforts Covidien has undertaken in recent years to enhance our reputation as a valued supplier of essential diagnostic products," said Steve Hanley, President, Imaging Solutions, Covidien. "With the agreement we are positioned to offer our nuclear medicine customers expanded access to both product lines to help them provide better patient diagnostic services. It also provides PETNET with access to our extensive SPECT product offerings," Hanley added.
Additionally, this agreement allows both companies to offer customers enhanced service, expertise and product sourcing options.
"We are pleased to work in tandem with Covidien to offer radiopharmaceuticals for both PET and SPECT imaging. This agreement strengthens Siemens offerings in radiopharmaceutical distribution and contributes to the availability of molecular imaging to patients nationwide," says Michael Reitermann, CEO, Siemens Medical Solutions, Molecular Imaging.
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in four segments: Medical Devices, Imaging Solutions, Pharmaceutical Products and Medical Supplies. With 2007 revenue of nearly $9 billion, Covidien has more than 42,000 employees worldwide in 57 countries, and its products are sold in over 130 countries. Please visit www.covidien.com to learn more about our business.
ABOUT PETNET SOLUTIONS
PETNET Solutions, a wholly-owned subsidiary of Siemens Medical Solutions, operates the largest PET radiopharmacy network with over 50 radiopharmacies and distribution centers worldwide to produce and distribute PET radiopharmaceuticals to hospitals, clinics, and research facilities for PET imaging. PETNET Solutions is currently growing its network of radiopharmacies to promote global PET utilization. As molecular imaging evolves, PETNET Solutions delivers products and services that expand the value of PET to providers, referring physicians and patients. PETNET Solutions is delivering, expanding, and advancing the science of PET through high quality PET tracers.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on our management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or Company actions to differ materially from what is expressed or implied by these statements. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, our ability to effectively introduce and market new products or keep pace with advances in technology, the reimbursement practices of a small number of large public and private insurers, cost-containment efforts of customers, purchasing groups, third-party payers and governmental organizations, intellectual property rights disputes, complex and costly regulation, including healthcare fraud and abuse regulations, manufacturing or supply chain problems or disruptions, recalls or safety alerts and negative publicity relating to Covidien or its products, product liability losses and other litigation liability, divestitures of some of our businesses or product lines, our ability to execute strategic acquisitions of, investments in or alliances with other companies and businesses, competition, risks associated with doing business outside of the United States, foreign currency exchange rates, potential environmental liabilities or increased costs after the separation from Tyco International or as a result of the separation. These and other factors are identified and described in more detail in our Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other periodic filings with the SEC. We disclaim any obligation to update these forward-looking statements other than as required by law.