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(July 31, 2018)
FOR IMMEDIATE RELEASE
(30 July 2018, Hong Kong) Union Medical Healthcare Limited ("Union Medical Healthcare" or the "Company", together with its subsidiaries, the "Group", SEHK stock code: 2138), a leading integrated medical group in Hong Kong, is pleased to announce that the Group has entered into a strategic collaboration agreement with Avalon Genomics (HK) Limited ( "AGHK"), which is wholly owned by Avalon Genomics Limited ("Avalon Genomics"), expanding its services to genetic testing.
Avalon Genomics is a biotechnology company primarily engaged in the business of genetic laboratories, genetic testing and related development and research. Pursuant to the Agreement, AGHK granted the Company the exclusive right in the health check business sector in Hong Kong, subject to the terms of the Agreement, to distribute, promote, market and sell the genetic and genomic tests developed and offered by AGHK, which assess the genetic risks for various diseases of human beings including but not limited to autoimmune diseases, cancers, heart and vascular diseases, metabolic diseases and respiratory diseases. Meanwhile, the Group has entered into an agreement to acquire a minority stake in Avalon Genomics as a strategic investor.
Mr. Eddy Tang, Chairman, Executive Director and Chief Executive Officer of Union Medical Healthcare, said, "The Group has been extending its reach to and investment in other medical disciplines to enhance its service portfolio offering. We are pleased that Avalon Genomics has granted the exclusive right and agreed to work in strategic collaboration with us. Avalon Genomics is founded by a group of reputable scientists, biotechnologists and medical doctors who share a vision of people advancing healthcare of society through novel genetic research. Their vision coincides with our core values about developing precision medicine and preventive medical services. Through the collaboration, both Avalon Genomics and Union Medical Healthcare will be able to create synergy by leveraging our respective talents and resources, thus delivering a full array of quality services to clients."
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