Last checked at (Sharecast News) - Clinical diagnostics specialist Novacyt announced on Friday that its molecular testing division, Primerdesign, has signed an exclusive commercial agreement with Atothis - part of VGS Group - for the distribution of certain molecular diagnostic products in France, for the aquaculture and aquamarine markets.
The AIM-traded firm noted that France is the second-largest aquaculture producer in the European Union, with shellfish production alone contributing a total of 155,000 tonnes a year, worth around €550m to the French economy.
It said the distribution partnership would combine the "commercial strength" of the VGS Group with Primerdesign's molecular 'genesig' diagnostic tests, and its proprietary 'q16' instrument.
Primerdesign's diagnostic products would be used for the early identification of diseases impacting animal health during food production.
The agreement has an initial term of three years, and committed VSG to purchase a minimum of €0.69m of Primerdesign products.
Novacyt said the VGS Group, which trades as the Antinea Group, is the largest independent distributor of aquamarine products in France.
The Antinea Group was founded in 1991, and had grown "significantly", employing more than 70 people dedicated to the French market.
"I am delighted to have reached agreement with Novacyt for the aquamarine market in France," said VGS Group chief executive officer Valery Perinet.
"After evaluating the extensive Primerdesign product range, we are convinced this partnership will create significant value for both companies in a market which is growing rapidly.
"My company, with its strong and respected brand and distribution channels, coupled with the innovative and high performing Primerdesign products, should enable us to rapidly penetrate the French market."
Graham Mullis, group CEO of Novacyt, added that as the largest independent aquamarine distributor in France, VGS Group was "an ideal partner" for Novacyt in the growing market.
"In addition, as a leading aquaculture producer in the EU, France represents a significant market opportunity for Novacyt.
"This important agreement reinforces our previously identified organic growth strategy, which includes focusing on strategic partners in the animal testing market.
"We continue to focus on making our extensive range of molecular products available to multiple markets through the appointment of strategic partners in key territories."
19 Apr 2024 11:02
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