Expansion of China's business, including signing business partnership agreement with Haier Biotechnology Co., Ltd

 

On the 27th, NEXEL signed a business cooperation contract with Qingdao Haier Biotechnology Co., Ltd., a subsidiary of Haier in China.©NEXEL

 

NEXEL is a company specializing in 2D and organoids derived from human induced pluripotent stem cells (hiPSC). NEXEL announced on the 28th that it has established a branch called 'Nuoxinte Biotechnology' in Suzhou, China.

 

Nuoxinte Biotechnology has established a place in BioBAY, the largest cluster in Suzhou's bio district. From the beginning, it consisted of executives and employees, including three Ph.D., who had organoid research and technology in China. NEXEL explained that the purpose is to aggressively carry out business in China through cooperation with experts who are well-versed in China's internal situation.

 

The Suzhou Bio Bay Cluster consists of eight complexes according to each industry sector, covering a total area of 3.5 million square meters for the development of China's biomedical industry. It houses more than 650 innovative biopharmaceutical companies.

 

Nuoxinte Biotechnology will focus on securing sales by opening businesses such as NEXEL's cardiac safety pharmacology service and hiPSC-derived somatic cell sales in order to preferentially target the ICH guideline S7B/E14, which began in July in China. It also aims to develop liver and brain organoids separately from NEXEL based on its own technology, and conduct research to model diseases using organoids and discover new drug candidates for the brain nervous system.

 

Meanwhile, NEXEL signed a business cooperation contract with Qingdao Haier Biotechnology Co., Ltd. on the 27th. About half a year after signing a memorandum of understanding on the business agreement in May, it is taking the first step in business cooperation with large companies in China.

 

Qingdao Haier Biotechnology Co., Ltd. was established in Qingdao in July 2018 by Haier, a consumer electronics company, to advance into the biotechnology field, and its business purposes include technology development and service in the biotechnology field, technology development and application related to cell collection and storage, and research and application in gene test and disease test development.

 

Based on their core technologies, the two companies first agreed to cooperate in the Chinese business of drug safety and effectiveness evaluation services using hiPSC. NEXEL introduced its cardiac safety pharmacology test method to a network that connects hospitals, national-level laboratories, and biotechs of Haier, a world-class company, in China, so that it can expand the market in China and increase sales on a large scale through a diversified sales network.

 

"If you look at the size of the Suzhou Bio Bay cluster, China's support and willingness to invest in the bio industry is surprising and enviable," said CEO Han Chung-sung of NEXEL. "Based on the signing of contracts with Haier and the establishment of branches, NEXEL will fully demonstrate its technological prowess to increase its market share in China, Asia's largest market for hiPSC."