RIYADH: Patients in the Gulf Cooperation Council region could get faster and more accurate diagnoses after the Public Investment Fund-owned Lifera announced a joint venture with CENTOGENE.
The biopharmaceutical company will be working with the German-based firm to provide multiomic testing services — a concept in biological research that aims to comprehensively characterize and quantify large numbers of molecules in complex samples.
The joint venture intends to transform genetic insights into data-driven answers that will accelerate the field of precision medicine, according to a press release.
The partnership will contribute to expanding population health programs, enhancing the speed of clinical diagnoses and fostering research capabilities and collaborations in the Kingdom.
“This strategic collaboration is a reflection of Lifera’s mission to grow Saudi Arabia’s biopharma sector,” Ibrahim Al-Jufalli, chairman at Lifera, said.
Additionally, the joint venture aligns with the objectives of Saudi Arabia’s Vision 2030 and other national initiatives focused on genomic testing and the growth of the biotech sector in the country.
“With CENTOGENE’s expertise in the field of rare, metabolic and neurodegenerative diseases, we see tremendous potential value for the joint venture 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,” Al-Jufalli added.
As part of the agreement, CENTOGENE will receive a $30 million investment through a mandatory convertible loan with a conversion price of $2.20 per share of its common stock.
The company will also benefit from milestone payments linked to the joint venture’s performance and revenue-based royalties until 2033.
The collaboration between CENTOGENE and Lifera represents a significant advancement in the field of genomics and precision medicine in Saudi Arabia.
By leveraging CENTOGENE’s global expertise and Lifera’s local insights, the joint venture aims to provide innovative solutions that will improve patient care, drive scientific research, and contribute to the overall growth of the biotech sector, said the press release.
“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,” said Kim Stratton, CEO at CENTOGENE.
