S.Korea's Bioneer forms diagnostic joint venture with Indonesian company

South Korea's biotech company Bioneer Corp. on Monday said it concluded a deal to form a joint venture with PT Indika Energy of Indonesia for business cooperation in health care diagnostics and life science.

The joint venture Bioneer Indica Group is headquartered in Jakarta. Based on its genetic technology developed over the past 30 years and molecular diagnostic equipment and diagnostic kits certified in 90 countries, Bioneer will provide its core technologies and products throughout the Indonesian archipelago.

Formed in 2000, Indika Energy is a listed Indonesian company that raked in sales of 3.6 trillion won ($2.9 billion) in 2021. Its range of business lines includes coal, distribution, ports, new and renewable energy, electric vehicles and medical care.

Indica Energy will assist in the joint venture's overall operations such as licensing, marketing and sales. Through their cooperation, both companies seek to fighting disease and improving health care in Indonesia through the supply of molecular diagnostic products such as those for COVID-19, HPV infections and tuberculosis.

"We hope that the advanced technologies devised by Bioneer will help solve health problems facing Indonesia," Bioneer CEO Park Han-Oh said.

"We expect major developments in our newly formed joint venture by providing innovative solutions and products for public health in Indonesia," he added.

Write to Jeong Min Nam at peux@hankyung.com