Korean NGS precision diagnostics platform company NGeneBio has announced a significant stride in its global expansion efforts. The company disclosed the signing of a technical assistance and license agreement with EURO ALLIANCE (EA), a prominent entity headquartered in the United Arab Emirates (UAE). This agreement encompasses NGeneBio's advanced NGS-based precision diagnostic medical device manufacturing technology and laboratory service expertise.
"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), a dynamic investment and medical technology commercialization company with bases in Switzerland and Dubai, has expanded its reach into the realm of innovative technologies. With a flourishing healthcare business established in the Indian market, EA is poised for further growth. Notably, Euro Alliance's Chairman, Rakshit, holds a distinguished position as a member of Prime Minister Modi's Council of Scientific and Technological Affairs and boasts an extensive network of connections with various 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.
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NGeneBio and Euro Alliance are set to embark on a strategic collaboration, unveiling plans to establish joint ventures in both India and the UAE. By pooling their respective strengths, the two entities aim to propel various NGS businesses forward. Euro Alliance, leveraging its well-established presence and success in the Indian market, will spearhead business operations and infrastructure investment. Meanwhile, NGeneBio will contribute its specialized knowledge in technology transfer and training. This partnership, hailed by NGeneBio as a testament to its potential for success, is poised to inspire confidence in the venture's future endeavors.
"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".