- Genetic Technologies Limited GENE agreed to form a strategic alliance with Qiagen NV QGEN Establishment and development of a Center of Excellence in Australia.
- Qiagen will support the improvement of GTG’s capabilities through software, hardware, consumables and technical solutions.
- Genetic Technologies CEO Simon Morriss said this is an exciting opportunity for the company.
- “We are very pleased to be entering into this alliance with the regional subsidiary of such a renowned global partner,” he said.
- “Following extensive testing in 2022, we are now integrating this capability into our labs and will see significant benefits from automation.
- “We also see this relationship opening up the reimbursable market in Australia as our local GP clinics gradually adopt our testing.”
- The transaction will also open the door for Genetic to a broad range of new commercial opportunities with greater automation capability and increased capacity, leading to long-term revenue growth.
- Genetic Technologies said the partnership will make its geneType breast, ovarian and colon cancer tests the “most comprehensive offering” on the market in 2023.
- Price promotion: GENE shares are up 6.16% at last check Wednesday to $0.97.
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