NEW YORK (GenomeWeb News) – Everist Genomics today announced a joint venture with Manipal Group to establish a business presence in India.
The joint venture will market Everist's diagnostic, prognostic, and therapeutic solutions through Manipal's healthcare network in India, which includes 15 hospitals, nine primary care clinics, and 55 community health centers. Additionally, the deal leverages Manipal's background in medical products, commercially viable infrastructure, and capabilities in the region, Everist said.
The joint venture will commercialize Everist's companion diagnostics and prognostic portfolio for cancer, a combination of four molecular assays to guide physicians treating oncology patients. The portfolio includes testing for colorectal and uterine cancer and will be expanded to include other indications.
The joint venture also will commercialize Everist's cardiovascular diagnostics and monitoring products.
Manipal, based in Bangalore, India, is one of the three largest healthcare firms in India, Everist said.
The partnership is anticipated to generate more than $100 million in revenues during the next 36 months, accelerating Everist's growth and the creation of high-tech jobs at the firm in areas such as research and development, regulatory affairs, and manufacturing, according to Everist Executive Vice Chairman Alex Charlton.
The Ann Arbor, Mich.-based company added that it plans to expand its presence into other geographies including China, Japan, and Brazil.
"Our partnership with Manipal provides a successful model to penetrate high-growth markets with disruptive technologies," Charlton said in a statement, adding that Everist is evaluating other markets for similar partnerships.