Kangmei will supply the JV with 95% of the $7.6M in cash, while BGI will contribute the remaining 5% of the JV’s value with instruments and technology.
December 12, 2017 -- BGI Genomics announced a $7.6 million joint venture with Kangmei Pharma, a company known for its TCM offerings. The Shenzhen JV will apply BGI’s gene sequencing technology to TCM products. Kangmei will supply the JV with 95% of the $7.6 million in cash, while BGI will contribute the remaining 5% of the JV’s value with instruments and technology. In October, the two companies announced a strategic collaboration, and the JV is the first major step in their agreement. Kangmei, a $13 billion company, also makes chemical products, especially antibiotics.
