Boditech Med signed a $19.2M supply agreement with A. Menarini Diagnostics

- Exclusive supply of four types of diagnostic kits to 34 countries in Europe & Non-exclusive contract for 80 diagnostic kits

- The annual rate of growth in the European IVD market is about 5.1% and the value of the European IVD market will be worth $19 billion in 2027

- Accelerating product supply expansion for global pharmaceutical companies

Boditech Med will accelerate its penetration into the European IVD market with Menarini Group, the leading Italian pharmaceutical company.

We are delighted to announce that Boditech Med signed a supply agreement with A. Menarini Diagnostics, a subsidiary company of Menarini. It is an exclusive contract providing four diagnostic kits, such as AFIAS-10, AFIAS IGRA-TB, AFIAS PTH, and AFIAS CARBA-5. In addition, Boditech Med will provide 80 diagnostic kits as a non-exclusive contract.

The size of this contract is the minimum purchase amount of $19.2M for the next three years. This is about 15.6% of Boditech Med’s total sales in 2021. This contract is the minimum achievable contract size as it includes the predetermined amount, and the supply amount is expected to increase depending on the expansion of products. 

The diagnostic kit will be supplied to 34 countries in Europe, including 27 countries in the European Union, England, Switzerland, Norway, Iceland, Montenegro, Albania, and Macedonia.

AFIAS-10 is an automated immunoassay analyzer for cardiac, cancer, diabetes, and hormone. It is a unique integrated sample-to-answer system that can execute 10 parallel tests for each different parameter.

AFIAS IGRA-TB is a simple & fast test kit for latent tuberculosis infection. As latent TB could develop into active TB, a proactive treatment plan is required. AFIAS PTH can measure the blood calcium level. If the blood calcium concentration is high, it is possible to doubt primary hyperparathyroidism.

AFIAS CARBA-5 can be used to test for antibiotic resistance. Based on the five enzymes such as (OXA-48, NDM-1, KPC-2, VIM-1, IMP-1), it provides indicators of bacterial resistance to antibiotics. Responding to the increasing trend of antibiotic resistance, we plan to expand the supply of diagnostic kits with A. Meranini Diagnostics, which is strong in sales of antibiotic products.

According to the Market Data Forecast, it is reported that the annual rate of growth in the European IVD market is about 5.1% and the value of the European IVD market will be worth $19 billion in 2027. It presented an increase in infectious diseases and the spread of awareness about the need for early diagnosis of diseases as growth factors.

Boditech Med is planning to accelerate product supply expansion for global pharmaceutical companies with this deal. A. Menarini Diagnostics, a subsidiary company of Menarini Group, provides IVD solutions with diverse supply chains. Menarini Group, with a 135-year legacy, is running its business in 140 countries worldwide and recorded $4.2 billion in annual sales last year.

Eui-Yul Choi, CEO of Boditech Med, said, “This deal is a meaningful contract as we signed with a global pharmaceutical company. With this as a momentum, we will strive to actively target the global market as well as the European market.”