Provider of life science tools and molecular diagnostic products, Affymetrix Inc. (AFFX), recently announced that its eBioscience business has entered into a multi-year distribution agreement with The Binding Site Group Ltd.
Under the terms of the newly penned deal, eBioscience has granted absolute rights to the Binding Site Group for the distribution of the eBioscience clinical flow cytometry reagents (ASR & CE marked) in the clinical care market, including hospitals and reference labs.
eBioscience offers antibodies, ELISAs, multiplex solutions, and proteins for immunology, oncology, cell biology, stem cell biology, and clinical markets. The Binding Site, on the other hand, is an in vitro diagnostic (IVD) supplier of special protein reagents and instruments.
The collaboration is expected to provide better solutions for clinicians so that they can better identify, interpret and manage clinical hematological malignancies.
The Binding Site began servicing customers in the U.S. on Dec. 1, 2014 and is expected to service customers internationally, from Feb 15, 2015.
North America has been the predominant regional market for cancer diagnostics with a share of approximately 40.7% of the overall cancer diagnostics market revenues in 2013, followed by Europe which accounted for around 29.1% of the market.
A total of 1,660,290 new cancer cases and 580,350 deaths from cancer are projected to occur in the U.S. in 2013. During the next five years, the worldwide cancer diagnostics market promises to be a dynamic and briskly expanding field, bolstered by increased number of cases.
Under such circumstances, it is only natural that Affymetrix is trying all means to improve its long-term prospects in the cancer diagnostics market. The new agreement with The Binding Site Group will definitely further this cause and help the company garner an edge over peers like Illumina Inc. (ILMN), Bio-Rad Laboratories, Inc. (BIO) and Harvard Bioscience, Inc. (HBIO).
Currently, Affymetrix carries a Zacks Rank #1 (Strong Buy).
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