- Genetic Technologies (GTG) to form a strategic alliance with global leader in molecular testing, QIAGEN
- The alliance will enable the establishment and development of a ‘Centre of Excellence’ facility in Australia
- The relationship will strengthen GTG’s reputation as a regional leader in precision medicine in predicative and consumer genomics using QIAGEN’s technologies
- QIAGEN will support the improvement of GTG capabilities through software, hardware, consumable and technical solutions
- GTG shares are up 20 per cent, trading at 0.3 cents at market close
Genetic Technologies (GTG) has agreed to form a strategic alliance with global leader in molecular testing, QIAGEN.
The alliance will set up and develop a ‘Centre of Excellence’ facility in Australia offering services across the nation, as well as New Zealand.
It will also bolster GTG’s reputation as a regional leader in precision medicine in predicative and consumer genomics through the use of QIAGEN’s technologies.
Genetic Technologies CEO Simon Morriss said it was an exciting opportunity for the company.
“We are extremely excited to be forming this alliance with the regional subsidiary of such a prestigious global partner,” he said.
“After a period of extensive trialling throughout 2022 we are now onboarding this capability within our labs, and will see significant benefits with automation.
“We also see this relationship unlocking the reimbursable market within Australia, as our tests are progressively adopted by our local GP clinics.”
The deal will also open the door to a wide range of new commercial opportunities for Genetic with greater automation capability and increased capacity, leading to long-term revenue growth.
GTG said the partnership will make its geneType breast, ovarian and colorectal cancer tests the “most comprehensive offering” in the market towards the end in 2023.
QIAGEN will support the improvement of GTG capabilities through software, hardware, consumable and technical solutions. GTG will also lean on the QIAGEN’s global technical expertise and leadership.
GTG shares were up 20 per cent, trading at 0.3 cents at market close.