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Investing.com -- Co-Diagnostics Inc (NASDAQ:CODX) stock surged 100% on Monday after the molecular diagnostics company announced a definitive agreement to form a joint venture in Saudi Arabia.
The new joint venture, named CoMira Diagnostics, will partner Co-Diagnostics with Arabian Eagle Manufacturing to develop, manufacture, and commercialize Co-Dx technologies throughout Saudi Arabia and 18 other countries in the Middle East and North Africa region.
Under the agreement, Co-Diagnostics will provide CoMira with an exclusive license to use, manufacture, and commercialize its intellectual property, including the upcoming Co-Dx PCR point-of-care platform and existing lab-based PCR diagnostic products. Arabian Eagle will contribute local operational support, lead manufacturing facility setup, and manage regulatory clearance across the territory.
"We are pleased to announce this agreement to establish the relationship with Arabian Eagle, our valued partners in the Middle East, as we expand the reach of our exciting healthcare innovations into a region with a large and growing market for medical devices and point-of-care diagnostics," said Co-Diagnostics CEO Dwight Egan.
The joint venture aligns with Saudi Vision 2030’s key pillars of technology localization, industrial diversification, and healthcare innovation. The partners believe that securing regulatory clearance from the Saudi Food & Drug Administration will facilitate entry into many other countries in the region.
The territory covered by the agreement includes Saudi Arabia, UAE, Egypt, Turkey, and 15 other countries throughout the Middle East and North Africa.
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