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GCMS signs $30m COVID-19 test kit export deal

Deal is 10 times larger than company’s usual yearly revenue in diagnostics kits sector

(GCMS)
(GCMS)


GCMS, an in-vitro diagnosis service provider under GC Pharma, said Wednesday that it signed three deals worth $30 million in total, to provide COVID-19 test kits to Europe, Middle East and Asia.

“Our full line-up of COVID-19 diagnostics test kits, ranging from molecular diagnosis to immunodiagnosis, will add fuel to our exports and this year‘s revenue,” GCMS CEO Ahn Eun-uk said.

“Based on an open-innovation strategy, we will continue to bolster our diagnostics business encompassing the chronic illness diagnostics area,” Ahn said.

The combined size of these deals surpass the company’s usual yearly revenue in the diagnosis kit department by 10 times.

GCMS had only a month ago received the Drug Ministry’s approval for the exports of its product.

The deals are with Asia Bridge Holdings and two other firms GCMS cannot disclose the name of, due to a contract confidentiality clause.

GCMS currently has two kinds of antibody diagnostic kits and one type of molecular diagnostics kit.

These kits will be exported to over 20 countries, including Russia, Singapore, the UK and Brazil.

The first shipment will be sent within this month, with additional orders due in the second half of this year.

GCMS plans to complete its test kit selection in the coming month, when it will gain additional export approval for its point-of-care-test molecular diagnostics kit.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)
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