South Korea’s JW Life Science said on Monday its subsidiary JW Bioscience and One BioMed Pte. Ltd., a Singapore-based biotech firm dedicated to molecular diagnostics, have entered into a strategic partnership after an equity investment for cooperation in new diagnostic assays and reagents.

Under their agreement, JW Bioscience acquired a 3.4 percent stake in One BioMed and rights to distribution of One BioMed’s point of care testing (POCT) products across Korea.

One BioMed will use the funding to develop next-generation diagnostic assays and reagents.

One BioMed was established in 2015 as a spinoff from the Agency for Science, Technology and Research (A*STAR), Singapore’s lead government agency.

One BioMed has an advanced platform for the development of POCT equipment, spanning from silicon optical device sensing technology to sample preparation, gene extraction, target amplification, and signal measurement.

The equity investment will also allow JW Bioscience to diversify its business to molecular diagnostics from its existing immunochemistry and clinical chemistry diagnostics.

By Pulse

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