GLOSTRUP, DENMARK--(Marketwire - Nov 9, 2011) - Dako announced today it has entered into a broad framework agreement with Bristol-Myers Squibb Company (NYSE: [ BMY ]) on the development of pharmacodiagnostic tests intended to identify patients more likely to benefit from treatment with investigational drug candidates under development by Bristol-Myers Squibb.

The agreement builds on a collaboration begun in 2008.

"It is a great pleasure for me to announce Dako's new collaboration with Bristol-Myers Squibb. This alliance heralds the intentions of both companies to work closely together to develop new diagnostic tests linked to drugs for the higher purpose of identifying the patients most likely to respond to treatment," says Lars Holmkvist, CEO of Dako.

Pharmacodiagnostics are increasingly in demand with the recognition that personalized medicine may provide a way to improve patient care and manage healthcare costs by targeting treatments to individuals more likely to benefit from specific therapies.

Dako has a strong heritage developing diagnostic tests in collaboration with pharmaceutical companies. The new collaboration with Bristol-Myers Squibb is another example of Dako's position in the clinical diagnostics market and as a strong partner for developing diagnostic tests for use in conjunction with drug therapies.

"It is part of Dako's long-term strategy to collaborate with pharma companies on the development of companion diagnostic tests. The partnership agreements simply underpin Dako's mission to deliver the highest standards and accurate diagnoses -- ultimately to the benefit of patients all over the world," says Lars Holmkvist.

About Dako
Dako, based in Denmark, is a global leader in tissue-based cancer diagnostics. Hospital and research laboratories worldwide use Dako's know-how, reagents, instruments and software to make precise diagnoses and determine the most effective treatment for patients suffering from cancer. Employing more than 1000 people and being present in more than 80 countries, Dako covers essentially all of the anatomic pathology markets globally. Dako is owned by a private equity fund, EQT. [ www.dako.com ]