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Fulgent Genetics to Invest $19 Million in Chinese Joint Venture, FF Gene Biotech

05/10/2021 05:52

09:45 AM EDT, 05/10/2021 (MT Newswires) -- Fulgent Genetics (FLGT) said Monday it invested $19 million in genetic testing company FF Gene Biotech.

This investment offers Fulgent a majority stake and controlling ownership of FF Gene Biotech, the company said in a Monday's press release.

China-based genetic sequencing company FF Gene Biotech was formed in 2017 through a joint venture between Fulgent Genetics, Xilong Scientific, and Fuzhou Jinqiang Investment Partnership.

With a controlling interest in FF Gene Biotech, Fulgent will recognize the financial impact of the operations of the JV in its financial results. The transition is expected to close in Fulgent's second fiscal quarter, the company said.

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