NGeneBio, a Korean NGS precision diagnostics platform company, said Tuesday that it has signed a technical assistance and license agreement with EURO ALLIANCE (EA), a company based in the United Arab Emirates (UAE), for NGeneBio’s NGS-based precision diagnostic medical device manufacturing technology and lab service know-how.
“This technology transfer agreement not only paves the way for us to expand our precision diagnostic products, but also holds the promise of introducing a range of genomic analysis services to the Indian market, home to the world’s largest population of 1.4 billion people,”an NGeneBio official said, expressing the company’s optimism for the future. “Similarly, it opens doors for us to serve the Middle East and Africa with our innovative offerings,”
Euro Alliance (EA) is a Swiss- and Dubai-based investment and medical technology commercialization company and technology group focused on identifying and commercializing innovative technologies. It already has a successful healthcare business in the Indian market. In particular, Euro Alliance Chairman Rakshit is a member of Prime Minister Modi’s Council of Scientific and Technological Affairs member and has a network of contacts with many Indian government officials.
Through this technology transfer agreement, NGeneBio plans to transfer many globally certified NGS (next-generation sequencing) precision diagnostic products, analytical SW and production know-how, and manufacture products in local production facilities in India to secure price competitiveness for NGS precision diagnostic products in the global market.
In a strategic move, NGeneBio and Euro Alliance will establish joint ventures in India and the UAE, leveraging each other’s strengths to promote various NGS businesses. Euro Alliance, with its proven track record in the Indian market, will handle business operations and infrastructure investment, while NGeneBio will bring its expertise in technology transfer and training. This partnership instills confidence in its ability to succeed, according to NGeneBio.
“This technology transfer agreement marks a significant milestone for NGeneBio, as it is the first instance of exporting NGS technology overseas. It is a testament to our unwavering focus on developing NGS precision diagnostic technology and our commitment to securing a number of European in vitro diagnostic medical device certifications,” NGeneBio CEO Choi Dae-chul said. “This achievement has garnered high recognition from overseas companies, filling us with pride and excitement for the future.”
Choi continued, “We will achieve rapid growth as a global player through royalties from technology transfer agreements, JVs revenues, and the recently acquired Clia Lab in the U.S.”
Source: koreabiomed
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