Burnet finalises $5m investment deal for China unit
Australia’s Burnet Institute has finalised the terms of a multimillion-dollar investment deal in China for the institute’s Nanjing subsidiary.
The company has entered a deal with Beijing-based investment firm GuoMinXinHe for the next phase of development for Nanjing BioPoint Diagnostic Technology.
As part of the deal, GuoMinXinHe will take part ownership of the Nanjing company along with the Burnet Institute’s Hong Kong subsidiary.
BioPoint is working on a low-cost, point-of-care assay for liver function and plans to use the new investment to help advance the development process through to manufacturing and sales.
Burnet CEO Professor Brendan Crab said he expects BioPoint to become a pipeline for a range of Burnet diagnostic innovations, while providing the institute with easy access to the Chinese and global markets.
“This has been a high-profile activity for Burnet in both the Australian and Chinese government and business sectors, and is helping establish the institute as a leader and innovator in terms of engagement with the Chinese market,” he said.
Last year, Burnet entered an agreement with GuoMinXinHe covering a $5 million investment in BioPoint. This deal has now been finalised.
BioPoint was established in 2013 with support from a Chinese government grant. It is Burnet’s first offshore commercial entity.
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