Dako, a tissue-based cancer diagnostics company based in Denmark, has entered into a collaboration agreement with Pfizer in the field of companion diagnostics.

The agreement constitutes a legal framework for various collaboration projects between the two companies, covering R&D and commercialization, as well as advisory services.

"We are extremely excited to partner with Pfizer, a company with such a global presence and reputation for market leadership," said Lars Holmkvist, CEO of Dako and senior vice president, Agilent. "This collaboration is testimony to the level of expertise and service Dako is committed to delivering to our partners in companion diagnostics."

Companion diagnostics are seen as the cornerstones of precision medicine. They provide a way to improve patient care and reduce health-care costs by matching specific therapies to the individuals most likely to benefit from them, since all patients do not respond in the same way.

"This partnership with Dako will support Pfizer's companion diagnostics efforts, an important component of our growing Precision Medicine capabilities," said John Hubbard, senior vice president, development operations, Pfizer. "Precision Medicine R&D is designed to advance more targeted therapies for patients, improve efficacy, safety and success rates, and expedite development."

Financial terms of the agreement were not disclosed.