Mobidiag announces joint venture in China
Finnish molecular diagnostics company Mobidiag is setting up a joint venture with Autobio Diagnostics in China, having secured a separate 10 million-euro equity investment.
The joint venture will commercialise Mobidiag’s fully automatic and rapid diagnostics platform Novodiag in China. Mobidiag will also grant it an exclusive license for infectious disease assays in the country.
The two companies will jointly invest 12.3 million euros to establish the partnership. Autobio’s eight million-euro investment secures a 65 per cent share and Mobidiag’s 4.3 million-euro investment a 35 per cent share in the joint venture.
“We are excited to enter into this new joint venture with Autobio Diagnostics, a leader in IVD [in vitro diagnostics] field in China,” said Tuomas Tenkanen, CEO of Mobidiag. “We are confident that their unparalleled access to the rapidly growing Chinese market combined with Mobidiag’s deep expertise in molecular diagnostics will result in a successful partnership that will bring syndromic diagnostic panels to China at an affordable price.”
The Finnish company has also secured a separate 10 million-euro equity investment from Autobio with the help of investment bank Lynx Financial. The equity will be used to expand its product portfolio and to accelerate commercialisation.
“The 10 million-euro equity investment strengthens our cash balance and will allow us to advance our wider strategy to grow sales internationally and launch more innovative and affordable molecular solutions to advance the diagnosis of infectious diseases and antibiotic resistances,” Tenkanen continued.