Abbott & BSBE Partner on Clinical Chemistry Technology Transfer Agreement
(Feb 24th, 2016) Today, Abbott, the global health care company, and Beijing Strong Biotechnologies Inc. (“BSBE” for short) signed a strategic “Technology License and Transfer” Agreement in Beijing for Clinical Chemistry testing products. Under the terms of the agreement, BSBE will provide the license and technology to Abbott for Clinical Chemistry products currently manufactured by BSBE in China. Abbott will pay for the technology License and Transfer with up-front and milestones payments as well as a royalty on sales for a period of time. The agreement covers 55 products at the current stage, but it grants Abbott the right to add to the list more products from BSBE’s current and future pipelines. New products will continue to be transferred in line with the agreement.
Earlier, the two companies reached a strategic agreement in Beijing on clinical chemistry reagents in 2013. The two sides have since deepened mutual understanding and trust, which helps lay a solid foundation for further cooperation. Abbott and BSBE’s cooperation is a milestone for China’s IVD companies in technology transfer. It fits Abbott’s strategy to become a stronger player in the global biochemical reagent industry. This agreement enables Abbott to provide a more comprehensive clinical chemistry assay menu to laboratory customers. The cooperation also means significantly to Abbott’s competitiveness in the global market as it enables the company to be not only a world leader in immunoassay, but also a top-ranking supplier of biochemical diagnostic reagent.
“Abbott is committed to providing the high quality diagnostics products to our customers to help improve care for people around the world,” said Keith Cienkus, Divisional Vice President Diagnostics Operations, Abbott. “We look forward to a strong partnership with BSBE. Their deep expertise in clinical chemistry, strong reputation especially in China, and their long term vision makes them a od strategic partner for Abbott. The agreement is also in line with China’s healthcare reform. In particular, it is expected to help local medical device manufacturers expand footprint by leveraging Abbott’s global platform and expertise.”
"Abbott is a well-respected company and also a global leader in the IVD industry. We have already had fruitful cooperation in the past and the agreement will raise the curtain of further cooperation on the worldwide stage. BSBE's offer of technologies will help Abbott expand its range of biochemical diagnostic products. In return, BSBE will receive milestone payments and a royalty on the sales revenue in the global market. This will definitely be a win-win cooperation," said Zou Zuojun, President of BSBE.
BSBE has been participated in several national 863 bioscience technological research projects. This new agreement honors BSBE’s specialization in biochemical diagnostic reagent to become a leader in R&D, technology as well as quality. The cooperation will not only lay the foundation for BSBE’s steady and stable growth in the future, but further boost the R&D capabilities to consolidate its leading position in the biochemical reagent business. The cooperation also unveils the globalization of BSBE and lays the foundation to explore the world market.
About Abbott Diagnostics Business
Abbott is a global leader in in vitro diagnostics offering a broad portfolio spanning immunoassay, clinical chemistry, hematology, blood screening, molecular, point of care and informatics. Our diagnostics solutions are more than just a test or data point, they are designed to anticipate, leverage and improve decision-making and patient care across the entire health care system. Today, Abbott’s Diagnostics businesses develop and commercialize in vitro diagnostics instruments, tests and related automation and informatics solutions for use in hospitals, reference labs, physician offices, emergency departments, critical care and remote settings. Our solutions are sold to more than 22,000 customers in more than 100 countries around the world.
At Abbott, we’re committed to helping you live your best possible life through the power of health. For more than 125 years, we’ve brought new products and technologies to the world -- in nutrition, diagnostics, medical devices and branded generic pharmaceuticals that create more possibilities for more people at all stages of life. Today, 74,000 of us are working to help people live not just longer, but better, in the more than 150 countries we serve.
Abbott has been operating in China for nearly 20 years and provides Chinese consumers with a diverse range of nutrition, pharmaceutical and medical products. Abbott has more than 4,000 employees in China and is headquartered in Shanghai.
BSBE is a fast developing company that focuses on the R&D, production and sales of biochemical diagnostic reagent. BSBE boasts strong R&D capabilities in biochemical reagent with its consistent pursuit of new products. As an industry pioneer in China, the company owns a full range of biochemical diagnostic reagent products. Apart from regular projects featuring premium quality, BSBE possesses small but prominent new ones such as homocysteine, Cystatin C. The company‘s sales and profitability of biochemical products are top-ranked in China’s in vitro diagnostic reagent business over the last few years. It is also named for nine straight years by Forbes as one of China’s most promising SMEs thanks to its excellent performances and technological innovation. BSBE is listed on the growth enterprise board. Its stock code is 300406.