South Korean diagnostic reagents maker Green Cross Medical Science
has signed a US$12.3 million contract with US-based Teco Diagnostics to supply blood glucose monitoring devices, the firm said on March 15.
The device that measures the amount of sugar in blood will be provided to Algeria through Teco Diagnostics which has a license to supply test kits to the country.
Teco Diagnostics is an in-vitro diagnostics and medical devices manufacturer.
Green Cross MS is hoping to turn its sluggish exports around by targeting new markets with more customized strategies tailored to each market.
“Considering different regional environments, we are pursuing new markets in parallel with exports as well as tech transfer deals and semi-finished product contracts,” Green Cross MS president Kim Young-pill said in a press release.
The amount to be supplied by Green Cross MS is equivalent to 25 percent of the whole blood glucose meter market in Algeria. The contract ends on Dec. 31.
On the news, the company’s shares rose 5.26 percent to trade at 11,000 won (US$9.61) as of 3 p.m.
By Park Han-na (email@example.com)