DiaSorin Gains After CEO Says Open to Partnership: Milan Mover

DiaSorin SpA rose to the highest in almost two years after Chief Executive Officer Carlo Rosa said in an interview the Italian supplier of diagnostic tests is open to a strategic partnership with a major competitor.

The shares gained as much as 2.8 percent to 31.49 euros, the highest intraday price since August 2011, and were up 63 cents to 31.27 euros as of 11:48 a.m. in Milan. That boosted the market value of the company, based in Saluggia, Italy, to 1.75 billion euros ($2.34 billion).

Major diagnostic tests producers are seeking to add specialty exams to boost their offerings amid consolidation of labs, Rosa said. The company gets 74 percent of its revenue from specialty tests based on Chemi Luminescent Immuno Assay, or CLIA, including Vitamin D tests. DiaSorin’s bigger rivals include Siemens AG, Abbott Laboratories and Roche Holding AG.

The CEO also repeated 2013 financial forecasts. DiaSorin expects revenue to rise between 2 percent and 4 percent at constant exchange rates, and earnings before interest, tax, depreciation and amortization on that basis in line with the previous year.

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