NEW YORK – Agilent Technologies and biopharma firm Incyte on Tuesday said they will collaborate on the development of companion diagnostics to support the advancement and commercialization of Incyte's growing portfolio of hematology and oncology therapeutics.
The firms said that the collaboration will take advantage of Agilent's in vitro assay development, global regulatory approvals, and assay commercialization expertise. Agilent will also benefit by expanding its CDx portfolio through the addition of novel biomarkers, and the firm also will potentially register and commercialize the resulting companion diagnostics in the US and Europe.
Financial and other terms of the deal were not disclosed.
"Leveraging the power of companion diagnostics, we are strategically transforming the treatment paradigm for a broad spectrum of cancers," Paul Beresford, VP and general manager of Agilent's companion diagnostics division, said in a statement. "By working together, Agilent and Incyte hope to expedite the development of innovative precision medicine products, potentially paving the way for enhanced patient health outcomes."
The firms said the value of the companion diagnostics market is predicted to expand to about $14 billion by 2030 through rising demand for tests that can inform treatment decisions on cancers and other chronic diseases.