(Yicai Global) May 3 -- In-vitro diagnostic reagent maker Sichuan Maccura Biotechnology Co. [SHE:300463] is set to partner with sample and assay technology provider Qiagen N.V. [NASDAQ:QGEN] to form a gene sequencing joint venture in China. The pair plans to invest USD90 million in the JV.
The two companies said yesterday in a joint statement that they had signed an agreement on April 28 regarding the establishment of the JV with USD30 million in registered capital. Maccura Biotechnology and Qiagen will hold 60- and 40-percent stakes, respectively.
The new entity will serve as Qiagen's sole Chinese partner for localizing and commercializing its next-generation gene sequencing (NGS) technology, the statement said.
The JV will focus on NGS product localization, production, and assembly. It will be responsible for obtaining approvals and sales licenses from the drug regulator and for developing new NGS products and making them available on the market.
Qiagen is a global leader in biotechnology and molecular diagnostics research. It listed on Nasdaq in 1996 and on the Frankfurt Stock Exchange in the following year.
Through the deal, Qiagen's existing gene sequencing products will be introduced to China's clinical and research markets, providing labs with a complete second-generation sequencing solution that covers the entire process from sampling to interpretation of findings. Products will be developed to meet Chinese consumers' needs.