Siemens to buy Bayer's diagnostics business

Siemens has agreed to buy the diagnostics division of Bayer Healthcare for $5.3 billion. The move is expected to help Bayer complete the acquisition of Schering . Siemens bought Diagnostics Products in the U.S. for $1.86 billion and paid about a billion dollars for CTI Molecular Imaging.

"The acquisition of Bayer Diagnostics is part of our targeted strategy to create the health-care industry's first integrated diagnostics company," said Siemens CEO.

- here's The Wall Street Journal report on the buyout (sub. req.)