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Biocartis and Wondfo Announce Joint Venture for Commercialisation of Molecular Diagnostics Platform in China
Sep 12 2018 Read 582 Times
Biocartis Group NV and Guangzhou Wondfo Biotech Co, Ltd announce entering into a joint venture aimed at the commercialisation of the fully automated molecular diagnostics (MDx) Idylla™ platform in mainland China, within the field of oncology.
The initial activities of the joint venture are focused on the local manufacturing, commercialisation and registration with the Chinese Regulatory Authorities (CFDA) of the existing products in the Idylla™ MDx oncology test menu for amongst others colorectal and lung cancer. Furthermore, in a next phase, the joint venture is expected to develop new Idylla™ assays tailored to meet specific needs for the Chinese market.
The joint venture will be 50% owned by Biocartis and 50% owned by Wondfo. In order to fund amongst others the initial product registration, manufacturing and commercialisation efforts of the joint venture, both parties will, over several tranches, provide a total of €14m of equity funding. The joint venture will acquire from Biocartis a license to the Idylla™ platform.
Herman Verrelst, Chief Executive Officer at Biocartis, commented: “We are proud and honoured to announce our strategic collaboration with Wondfo for the Chinese market. With Wondfo, we team up with a partner that has deep knowledge and experience of the Chinese diagnostics market. The current size and expected growth of this market provide significant opportunities for Idylla™, whose features are an excellent fit with local market needs. Furthermore, we see great interest from pharma and test content partners to extend existing collaborations into China.”
Mrs Jihua Wang, Chairman of theBboard at Wondfo, added: “We are honoured to announce our strategic collaboration with Biocartis. The Idylla™ technology and how it enables access to revolutionary personalised medicine already improved so many lives of cancer patients. Through our collaboration with Biocartis, Wondfo will be the first to introduce the rapid, high precision MDx testing concept into the precision medicine field in China. Additionally, with a focus on developing companion diagnostic tests, Wondfo will be able to expand its footprint to the therapeutic area and as such, close the loop. We sincerely hope that thanks to this collaboration and our joint efforts as leading diagnostic companies, patients and patient communities in China will soon be able to benefit from the advanced Idylla™ technology.”
The closing of the collaboration between Biocartis and Wondfo is subject to certain customary closing conditions. It is expected that the joint venture will launch its operational activities towards the end of 2018.
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