Antibody technology specialist Somru BioScience has entered into a joint venture with Radiant Pharmaceutical that will pave the way for marketing Somru’s biomarker-based laboratory test kits in Bangladesh.
The partnership is expected to generate $50 million in export sales over the next five years for the Charlottetown-based Somru and add 100 new jobs in its PEI operations.
“We look forward to a fast expansion in Bangladesh to strengthen our footprint in the growing health sector, leveraging our own unique products and technical expertise developed in Canada for international markets,” said Mohammed Moin, vice-president of Somru.
Somru develops tools and apparatus for assessment of disease biomarkers, both protein and genes, therapeutic drug and anti-drug antibody monitoring.
Radiant Pharmaceutical, which is based in the Bangladeshi capital of Dhaka, imports, manufactures and markets pharmaceutical, herbal, nutraceutical, and diagnostic products.
“We are committed to further improving health services through collaborations and partnerships, working in concert with our Canadian partner Somru to address the growing health care needs of citizens of Bangladesh,” said Abu Shahriar Zahedee, executive director of Radiant.
Both companies have agreed to build and operate an independent diagnostic laboratory in Bangladesh. Radiant will market Somru-developed biomarker-based laboratory test kits for diabetic and oncology patients in Bangladesh.
Radiant and Somru said the joint venture is a major step forward to bring the first affordable, reliable and accurate advanced diagnostic service to Bangladesh.