Wednesday, November 22, 2023
Asep Medical Holdings, operating through its subsidiary Sepset Biosciences, has recently finalized a joint venture agreement with Sansure Biotech, a leading medical diagnostic company in China. The resultant joint venture, named Hunan Sanway SepSMART Ltd., is set to be headquartered in Changsha, China, with a registered capital of RMB 50,000,000. The primary focus of this collaboration is the exclusive commercialization of SepsetER, a rapid sepsis test developed by Sepset Biosciences, within Mainland China, the Hong Kong Special Administrative Region, the Macao Special Administrative Region, and Taiwan for a period of eight years.
Key aspects of the agreement include SepSMART securing exclusive rights to market SepsetER in the specified regions, outlined in the License Agreement. The terms encompass periodic royalty payments to Sepset based on performance. The joint venture's financial structure entails Sansure Biotech's fund subscribing to RMB 37,500,000 (representing 75% of the total capital), and Sepset subscribing to RMB 12,500,000 (representing 25%) through the contribution of certain patent rights related to SepsetER. Changsha, China, is chosen as the headquarters for the joint venture.
Critical to the agreement is the formal registration of SepSMART with the relevant regulatory body in China, serving as a condition precedent for the venture. The announcement also sheds light on the gravity of the sepsis issue in China, citing statistics from the China Critical Care Clinical Trials Group and a 2021 meta-analysis from the Department of Emergency Medicine, Tianjin Medical University General Hospital.
This strategic joint venture reflects Asep Medical Holdings' entry into the Chinese medical diagnostic market, addressing the pressing concern of sepsis. The announcement offers insights into the financial arrangement, specific agreement terms, and the potential impact on addressing healthcare challenges related to sepsis in China.
Source: prnewswire.com
