South Korean bio firm Greencross Medical Science Corp. (GCMS) said Wednesday that it has signed an agreement to export its blood pack manufacturing technology to Indonesia-based PT. Mitra Global Hanindo.

Under the contract worth 40 billion won (US$37 million), GCMS will supply 6.1 billion won of complete blood bag products and 30.7 billion won in partly made packs. Also, the South Korean firm will receive 3.2 billion won in technology transfer fee and royalties.

The contract, which is equivalent to 46 percent of the company's sales in 2016, will be maintained until 2029, the company said.

"The contract is an example that demonstrates the superiority of GCMS' 45-years of integrated blood bag manufacturing technology," said CEO Kim Young-pil in a press release.

Under the agreement, GCMS will start delivering blood bags in the second half of this year. (Yonhap)

Kim Chol-hoon  edt@koreapost.com

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