Bayer HealthCare sells off PET tracer assets to Piramal

Bayer HealthCare has announced the sale of its PET tracer assets to fellow healthcare company Piramal Imaging.

The agreement pertains to a set of tracers that Bayer had intended to develop as in-vivo diagnostic agents, including the late-stage investigational PET compound florbetaben, for use in the detection of beta-amyloid plaques in the brain.

This product is intended to aid the early diagnosis of Alzheimer's disease, with a phase III trial designed to offer histopathological verification of its efficacy having already been completed.

Closure of the transaction is expected in the second quarter of 2012, with Bayer continuing to provide certain services for the development of florbetaben.

Roland Turck, head of specialty medicine at Bayer HealthCare Pharmaceuticals, said: "The transaction enables us to free up resources to concentrate and accelerate the development of our exciting late-stage pipeline. And Piramal will be better able to leverage the existing … investments in florbetaben."

Earlier this month, the company announced the launch of Excellence across Borders, a new project that aims to promote international collaboration on diabetes care.