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Genetic Technologies Announces Planned Chinese Joint Venture

NEW YORK (GenomeWeb) — Australian molecular diagnostics firm Genetic Technologies said today that it has partnered with Beijing Zishan Health Consultancy to help expand into the Chinese market.

Under the terms of the deal, the two companies will explore the potential of establishing a 50/50-owned  joint venture that will offer Genetic Technologies' genomic tests — which include the BrevaGenplus breast cancer risk assessment test — in China. Zishan will handle sales, account management, marketing, and promotion of the tests, as well as act as a liaison between Genetic Technologies and the China Food and Drug Administration.

The partners have also agreed to evaluate options for establishing a licenced genetic testing facility in China to run Genetic Technologies' tests. The board of the proposed JV would also be split 50/50.

Additional terms were not disclosed.

"The Healthy China 2030 plan, launched by President Xi Jinping in August 2016, is comprised from six policy areas, one of which is focused on the prevention and treatment of chronic, non-communicable diseases such as diabetes, cancers, stroke, and obesity," Zishan Executive Director Gao Lei said in a statement. "Genetic screening companies have been identified as critical in the early detection of such diseases and therefore lead to proactive treatment."

In June, Genetic Technologies said it formed a joint venture with Swisstec focused on developing a service platform using blockchain technology for medical services and personalized health management.