Mobidiag has agreed to form a joint venture (JV) with Autobio Diagnostics for the commercialisation of the former’s Novodiag platform in China.
The two companies will jointly invest €12.3m ($13.9m) in the new JV. Mobidiag will hold a 35% stake in the JV by contributing €4.3m ($4.8m), while Autobio will retain the majority stake of 65% with a contribution of €8m ($9m).
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Mobidiag will also receive €10m ($11.3m) as equity investment from Autobio, which will be used to expand product portfolio and develop additional assays for the Novodiag platform.
In addition, the manufacturing capacity and commercial expansion of the product will be improved with proceeds.
The JV will receive an exclusive licence from Mobidiag related to human infectious disease assays in China, excluding sepsis.
Mobidiag is a biotechnology company based in Finland, while Autobio is a diagnostics company based in China.
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