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QuidelOrtho and Runda Medical Form Joint Venture to Develop and Manufacture Assays for VITROS® Platform
Long-term partnership targets rapid assay development for local market needs SAN DIEGO--(BUSINESS WIRE)-- QuidelOrtho Corporation (Nasdaq: QDEL)
About this update from Quidelortho Corporation
[{"type":"text","content":"\nLong-term partnership targets rapid assay development for local market needs\n\n SAN DIEGO--(BUSINESS WIRE)--\nQuidelOrtho Corporation (Nasdaq: QDEL) (“QuidelOrtho” or the “Company”), a global provider of innovative in vitro diagnostics (IVD) technologies designed for point-of-care settings, clinical labs and transfusion medicine, announced today the signing of a definitive agreement to form a joint venture (JV) between Ortho Clinical Diagnostics Trading (China) Co., Ltd., a subsidiary of QuidelOrtho, and Shanghai Medconn Biotechnology Co., Ltd., a subsidiary of Shanghai Runda Medical Technology Co., Ltd. (“Runda Medical”) to develop and manufacture assays in China for QuidelOrtho’s VITROS® platform.\n\n“Our partnership with Runda Medical will help expand our already-compelling menu of VITROS assays abroad as well as in the Chinese market, an important, fast-growing region for us,” said Douglas Bryant, President and Chief Executive Officer of QuidelOrtho. “We’re happy with our long-standing partnership and believe that this joint venture will translate into a faster time to market and more compelling menu for VITROS assays in support of our growth strategy in China and beyond.”\n\nQuidelOrtho develops IVD reagent products that meet the needs of the Chinese market with a significant installed base of VITROS immunodiagnostic analyzers, including but not limited to VITROS 3600 and 5600 instruments and the VITROS Automation System that connects these instruments, and has a leading position in quick turnaround STAT labs across China. Runda Medical is a leading IVD distributor in China and has developed its own family of instruments and assays. The JV will leverage both parties’ know-how in a range of incremental assays to broaden the VITROS test menu and gain efficiencies from local manufacturing at Runda Medical’s Shanghai facility. Both companies will contribute personnel and expertise to the joint venture and will share in the profits of the jointly developed products.\n\n“Our longstanding collaboration with Runda Medical has enabled us to become a leader in commercial execution in the China market over the past 20 years,” said Iris Lin, Head of Greater China of QuidelOrtho, who will continue in this role and also assume the role of General Manager of the JV. “We value our partnership with Runda Medical and with their expanded i...