PHC Signs MOU for Investment and Collaboration with BiogenTech

(From the left) PHC CEO Choi In-hwan, BiogenTech CEO Lim Chae-seung. / Photo by PHC

[Asia Economy Reporter Jang Hyowon] PHC (CEO Choi Inhwan) announced on the 28th that it has signed a memorandum of understanding (MOU) for strategic investment with BioGenTech, an in vitro diagnostics specialized company, to secure research and development and technological competitiveness in the fields of molecular and immunodiagnostics.

PHC is an in vitro diagnostic medical device and digital healthcare company that recently possesses various products and technologies for COVID-19 rapid diagnostic kits and is recognized for its quality competitiveness in various countries around the world.

BioGenTech is a technology-based bio company with proprietary technologies in molecular diagnostics and blood diagnostics within in vitro diagnostics. It develops various diagnostic devices and diagnostic reagents and has obtained approval from the Ministry of Food and Drug Safety. In particular, BioGenTech's blood diagnostic device is known as an innovative equipment capable of diagnosing various items such as blood cancer, sepsis, and immune cell tests on a single platform.

The two companies agreed to establish an efficient and smooth cooperative system in the field of in vitro diagnostics and to mutually cooperate especially in the development and sales of diagnostic reagents and in vitro diagnostic medical devices.

Through this agreement, PHC secured both molecular diagnostic and blood diagnostic technologies in its existing in vitro diagnostic business and expanded its infrastructure for various technological developments in the in vitro diagnostic field, thereby securing technological competitiveness in the global competition.

A PHC official said, “Through this MOU on strategic investment and cooperation with BioGenTech, we have further strengthened our technological capabilities in the field of in vitro diagnostics and secured global market competitiveness. In particular, it became an opportunity to early commercialize molecular diagnostic reagents and rapid diagnostic kits related to monkeypox (MPX), which are currently under preparation.” He added, “We plan to actively strive to supply excellent diagnostic devices and reagents worldwide through PHC’s global supply chain and BioGenTech’s technological capabilities.”