- Joint Venture (JV) combines CENTOGENE's global leadership in
multiomics with local insight of Lifera, a biopharmaceutical
company wholly owned by the Public Investment Fund (PIF) based in
Riyadh.
- JV focuses on providing state-of-the-art multiomic testing
services to patients, health systems, biopharma clients, and
research institutions in Saudi
Arabia and countries of the Gulf Cooperation Council (GCC).
CENTOGENE today is one of the largest providers of genetic testing
services to this market.
- High-quality services will translate genetic insights into
data-driven, life-changing answers – accelerating precision
medicine, expanding population health programs, improving
turnaround times on clinical diagnoses, and building capabilities
and capacity in Saudi Arabia to
foster global research and collaboration.
- The JV will help enable the Saudi Vision 2030 and several other
national priority initiatives related to genomic testing and the
growth of the Saudi Arabian biotech sector.
- CENTOGENE will receive a $30
million investment in the form of a mandatory convertible
loan with a six-month term and a conversion price of $2.20 per share of CENTOGENE's common stock, as
well as significant JV performance-related milestone payments and
revenue-based royalties until the year 2033.
RIYADH,
Saudi Arabia, July 2, 2023
/PRNewswire/ -- CENTOGENE N.V. (Nasdaq: CNTG), the essential
life science partner for data-driven answers in rare and
neurodegenerative diseases, and Lifera, a biopharmaceutical
company wholly-owned by the Public Investment Fund (PIF), have
announced a strategic collaboration with the formation of a Joint
Venture (JV) to increase local and regional access and rapid
delivery of world-class multiomic testing to patients in
Saudi Arabia and countries of
the Gulf Cooperation Council (GCC). Under the terms of
the collaboration, CENTOGENE will receive a $30 million mandatory convertible loan from
Lifera.
CENTOGENE, the current market leader in outsourced genetic
testing for patients in Saudi
Arabia, will provide its leading diagnostics and multiomics
expertise to the JV, which together with Lifera's strong local
presence and resources, will establish widespread access to local
state-of-the-art genetic sequencing tailored to regional needs. The
JV will build an advanced laboratory and bioinformatics
infrastructure – leveraging the CENTOGENE Biodatabank, the world's
largest real-world integrated multiomic data repository in rare
disease biobanks globally and neurodegenerative diseases, which has
more than 70 million and over 35,000 Saudi Arabian patient
datasets. The JV will develop capabilities for genetic testing and
interpretation working collaboratively with CENTOGENE globally –
serving as a vehicle for large national screening and genomics
programs. As such, patients in Saudi
Arabia and the GCC, a rapidly growing region with over 56
million inhabitants, will have increased access to the world's most
advanced and effective diagnostic offerings, which is at the core
of Lifera's strategic objectives, contributing to improving
national resilience and health outcomes in Saudi Arabia.
Dr. Ibrahim Aljufalli, Chairman of the
Lifera Board, said:
"This strategic collaboration is a
reflection of Lifera's mission to grow Saudi Arabia's biopharma sector. With
CENTOGENE's expertise in the field of rare, metabolic and
neurodegenerative diseases, we see tremendous potential value for
the JV to provide more timely and accurate diagnoses which are
crucial to patients and their families, driven by a comprehensive
diagnostic portfolio that goes beyond standard laboratory testing
and medical interpretation. This collaboration will also enable
biopharma research in rare diseases and provide resources to foster
collaborative research across Saudi
Arabia and with global partners."
Kim Stratton, Chief
Executive Officer at CENTOGENE, said:
"Teaming up with
Lifera marks a significant step forward in our mission to deliver
data-driven, life-changing answers to patients around the world and
forms a pathway to achieving sustainable growth and profitability
for CENTOGENE."
And added:
"As part of Vision 2030, Saudi
Arabia has designed impressive programs to improve health
outcomes throughout the region. This JV will now build on
CENTOGENE's extensive know-how and current leading position in the
Saudi market, as well as Lifera's deep understanding of the local
healthcare landscape to actively contribute to these healthcare
initiatives. This, along with Lifera's investment, secures
CENTOGENE a committed strategic partner for the future."
Under the terms of the agreement, Lifera and CENTOGENE will make
an investment into the JV. CENTOGENE will also be eligible for
significant JV performance-related milestone payments and
revenue-based royalties until the year 2033. Both parties will be
represented on the board of the JV. The agreement also foresees
that two Lifera representatives will join CENTOGENE's Supervisory
Board.
Notes:
About Lifera
Lifera is a new biopharmaceutical company
dedicated to advancing Saudi
Arabia's biopharmaceutical sector and building national
health resilience. By developing local manufacturing capacity for
vaccines, insulin, plasma therapeutics and other biologics, as well
as investing in genetic testing and precision medicine, Lifera aims
to ensure people in Saudi Arabia
have access to reliable and affordable medicines.
For more information visit www.lifera.com.sa
About CENTOGENE
CENTOGENE's mission is to provide
data-driven, life-changing answers to patients, physicians, and
pharma companies for rare and neurodegenerative diseases. We
integrate multiomic technologies with the CENTOGENE Biodatabank –
providing dimensional analysis to guide the next generation of
precision medicine. Our unique approach enables rapid and reliable
diagnosis for patients, supports a more precise physician
understanding of disease states, and accelerates and de-risks
targeted pharma drug discovery, development, and
commercialization.
To discover more visit www.centogene.com
More information, Forward-Looking Statements & The full
press release can be found at:
www.lifera.com.sa
www.centogene.com
View original
content:https://www.prnewswire.com/news-releases/lifera-and-centogene-enter-strategic-collaboration--forming-saudi-arabian-joint-venture-to-increase-access-to-leading-data-driven-multiomic-testing-301866231.html
SOURCE CENTOGENE; Lifera