Long-term partnership targets rapid assay
development for local market needs
QuidelOrtho 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.
“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.”
QuidelOrtho 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.
“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 immunoassay menu, we look
forward to rapidly launching important assays to the market with
accurate, efficient results.”
“Runda Medical has maintained a close and positive working
relationship with Ortho for nearly two decades. This partnership is
another in-depth strategic cooperation in the field of in vitro
diagnostic product research, development and production. Both
parties make full use of complementary resources and commit to
providing medical laboratories with higher quality in vitro
diagnostic platforms and reagents and providing effective support
for the diagnosis and treatment of clinical diseases," said Hui
Liu, General Manager of Runda Medical.
Following a successful assay pilot program, both companies
expect to begin developing a broader set of assays in early 2023 in
parallel with building out the JV organization in the Shanghai and
Beijing areas.
About QuidelOrtho Corporation
QuidelOrtho Corporation (Nasdaq: QDEL) unites the power of
Quidel Corporation and Ortho Clinical Diagnostics behind a shared
mission of developing and manufacturing innovative technologies
that raise the performance of diagnostic testing and create better
patient outcomes across the entire healthcare continuum.
Ranked among the world’s largest in vitro diagnostics (IVD)
providers with more than 120 years of collective experience, we
combine industry-leading expertise in immunoassay and molecular
testing with a global footprint in clinical labs and transfusion
medicine.
Our company’s comprehensive product portfolio delivers accuracy,
speed, automation and access, providing critical information when
and where it is needed most. Inspired by a spirit of service,
QuidelOrtho is committed to enhancing the well-being of people
worldwide and happy in the knowledge we are making a difference.
For more information, please visit www.quidelortho.com.
Source: QuidelOrtho Corporation
About Runda Medical Technology
Runda Medical is one of the leading enterprises for product
distribution and comprehensive services in the in vitro diagnostic
(IVD) industry in China. Having been deeply engaged in the IVD
industry for more than 20 years, Runda Medical has rich experience
in supply chain and technical services for IVD products and is
committed to providing all types of medical laboratories with
integrated medical laboratory services, including various medical
solutions, a full range of IVD products and professional technical
support. Runda Medical has built a comprehensive business ecosystem
consisting of integrated laboratory service platforms, IVD product
research, development and production, medical informatization,
third-party laboratory testing services and other services.
Currently, Runda Medical has more than 50 holding subsidiaries,
providing integrated laboratory services to more than 4,000 public
medical institutions in China.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. You can identify these statements and other forward-looking
statements in this press release by words such as “may”, “will”,
“would”, “expect”, “anticipate”, “believe”, “estimate”, “plan”,
“intend”, “continue” or similar words, expressions or the negative
of such terms or other comparable terminology. These statements
include, but are not limited to, QuidelOrtho’s future plans,
objectives, strategies, expectations and intentions, and other
statements that are not historical facts. Such statements are based
on the beliefs and expectations of QuidelOrtho’s management as of
today and are subject to significant risks and uncertainties.
Actual results may differ significantly from those set forth or
implied in the forward-looking statements.
The following factors, among others, could cause actual results
to differ from those set forth or implied in the forward-looking
statements: the challenges and costs of integrating, restructuring
and achieving anticipated synergies; the ability to retain key
employees; and other economic, business, competitive, and/or
regulatory factors affecting the business of QuidelOrtho generally.
Additional risks and factors are identified under “Risk Factors” in
QuidelOrtho’s Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission (the “Commission”) on August 5,
2022, and subsequent reports filed with the Commission.
You should not rely on forward-looking statements as predictions
of future events because these statements are based on assumptions
that may not come true and are speculative by their nature.
QuidelOrtho has no obligation to update any of the forward-looking
information or time-sensitive information included in this press
release, whether as a result of new information, future events,
changed expectations or otherwise, except as required by law. All
forward-looking statements are based on information currently
available to QuidelOrtho and speak only as of the date hereof.
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