With revenue from its China ops surging, Qiagen--which markets sample and assay technologies for biomarker development--says it's on track to see its Asian market cash flow double this year, according to a report from Seeking Alpha. And a recently formed partnership on molecular biomarkers with WuXi PharmaTech should help feed its swelling revenue stream.
Victor Shi, the chief of Qiagen's Asian market, says the company has been able to capitalize on work providing tools to Chinese researchers, including the molecular diagnostic technology needed to personalize therapies for the massive market.
In its work with WuXi, Qiagen is supplying instruments and training while the Chinese partner collaborates on new biomarkers, assay panels and diagnostics. Qiagen dived into the Chinese market five years ago and now operates from bases in Shenzhen and Beijing. Shi told reporters two weeks ago that the Asian Pacific market now accounts for 15 percent of all of Qiagen's revenue.
Qiagen also reported a 9 percent bump in its second quarter revenue numbers, which jumped to $262.7 million from $240.2 million for the same period last year.
- here's the report from Seeking Alpha
- read the Qiagen release on its second quarter numbers