(Yicai Global) Jan. 9 -- Guangzhou Kingmed Diagnostics Group Co. confirmed it will partner up with a US genetic sequencing firm via one of its units in order to secure new intellectual property rights.

The South China-based firm announced the deal with Illumina Inc. in a filing through the Shanghai Stock Exchange yesterday evening. Under the agreement, Kingmed will have non-exclusive, non-transferable access to research, develop, make and sell Illumina's in-vitro diagnostic products for oncology testing.

The deal will also see Kingmed's subsidiary buy 264 MiniSeq sequencing systems from Illumina at USD40,000 each, though the buyer will be able to buy accessories from third-party vendors, the statement said.

The pair announced on Jan. 4 that they would work together using Illumina's next-generation sequencing technology to develop oncology and genetic disease testing systems for Chinese patients, with a particular focus on hereditary cancer.