China’s Jilin Zixin Pharmaceutical Industrial has splashed out $42 million to buy a Rhode Island-based high-definition genome mapping company, Nabsys 2.0, entering an area fairly outside of its traditional Chinese medicine base.
China Money Network reports that Zixin will hold 67% of Nabsys, which, according to its website, underwent a financial, management and technical leadership team restructuring in March.
Chinese pharmaceutical and contract research firms have made several forays into areas of genome mapping, offering services in the field to other companies or in other cases for drug discovery research.
Zixin's aim for the stake was not immediately clear, though it has partnered Chinese gene sequence firm BGI on earlier work and has an in-house R&D effort that includes cardiovascular and cerebrovascular components aimed at the domestic market.
Nabsys says its chip-based nanodetectors can analyze complex DNA molecules electronically at high velocity and deep resolution compared to optical approaches, according to the company's website.
The transaction values Nabsys at $63 million, according to China Money Network.