bioMerieux partners with Biocartis on molecular diagnostics; takes equity stake

French firm bioMerieux (Euronext: BIM) and privately-held Biocartis of Switzerland have entered into a strategic agreement to co-develop assays on Biocartis’ fully integrated molecular diagnostics system, which the two companies will co-distribute starting in 2012.

bioMerieux will have worldwide exclusive rights to develop and commercialize microbiology assays on the platform. It will also have access to the platform for certain oncology and theranostics assays. As part of the deal, the French company has taken a 9 million-euro ($12.5 million) equity stake in Biocartis.

Under the terms of the deal, Biocartis will receive upfront and milestone payments as well as royalties on future sales. In connection with the equity stake, bioMerieux has the right to designate one director for election to the board and, as a result, Stephane Bancel will become a Biocartis board member. No further financial details of the transaction were disclosed.