Biocartis Group NV and Guangzhou Wondfo Biotech Co. Ltd. formed an equally owned joint venture to commercialize Idylla in mainland China.
Idylla is a fully automated molecular diagnostics, or MDx, platform used to inform cancer treatment prescriptions.
Biocartis and Guangzhou Wondfo agreed to provide the venture a total of €14 million of equity funding over several tranches.
Biocartis said the Chinese MDx market is expected to reach a total value of $1.5 billion by the end of 2022, driven by rising cancer incidence in the country. The Belgium-based company said Idylla will provide Chinese laboratories and hospitals fast and easy access to diagnostic data.