Philips Electronics and Schering Enter Into Long-Term Alliance for New Disease Diagnosis
The two companies will focus their research on mammography for breast cancer diagnosis, but expect that the partnership could take them into new areas of disease detection and diagnosis. Their total research budget will be between $50 and $100 million Euros. As part of the agreement, Philips and Schering will evenly split all investments and revenues. Philips will provide the optical imaging equipment and Schering will produce the contrast agents to be injected into a patient that will help locate the sick cells. Scheringâ€™s contrast agent is currently in a Phase I trial. Both companies expect to be on the market within five years, and once the products are commercialized, the market for optical imaging contrast agents is expected to grow significantly over time.