LONDON (Alliance News) - Akers Biosciences Inc said Thursday that it has signed a joint venture agreement with Hainan Savy Investment Management Ltd and its non-Executive Co-Chairman Thomas Knox to research, develop, produce and sell some of its rapid diagnostic screening and testing products in China.
The joint venture company will be incorporated as Hainan Savy Akers Bioscences Ltd. It plans to head-quarter in the Haikou National Hi-Tech Industrial Zone of Hainan and establish a manufacturing operation in the same area.
Akers said the joint venture will be able to use "numerous" government incentives that aim to promote the Chinese diagnostic industry. In addition to working on Aker's rapid diagnostic screening and testing products it will also explore other market opportunities in Asia.
"The creation of this Joint Venture is a timely move designed to meet the growing demand in the rapidly expanding Chinese market," said Executive Chairman Raymond Akers Jr in a statement.
Shares in Akers are untraded Thursday. It last closed at 233.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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