Mirxes (02629.HK) partners with Apollo, invests $50 million to establish a JV, and rushes into the Indian market

On February 26, Mirxes announced that it has signed a memorandum of understanding with Apollo Health and Lifestyle, a wholly owned subsidiary of India’s Apollo Group, planning to jointly develop and commercialize advanced early cancer screening solutions in India and surrounding countries, and intends to establish a joint venture valued at no less than $50 million.

According to data from Dingyao Network, the global tumor early screening market is expected to grow at a compound annual growth rate of 19.2% from 2024 to 2028. Against this backdrop, industry experts see this strategic partnership as a key step for Mirxes to break regional limitations and strengthen its competitiveness, serving as a strong endorsement of its technological and commercialization capabilities.

Just two days ago, Mirxes achieved a milestone—completing enrollment of all 6,000 participants in Southeast Asia’s first and largest colorectal cancer blood-based early screening clinical trial.

Additionally, Mirxes raised approximately HKD 700 million in February, with 20% allocated to expanding into emerging markets such as India and Southeast Asia. The combination of technological development, capital investment, and market deployment creates a resonance that supports its deepening presence in the Indian market.

1. Using Technology to Secure Channels and Capture the Early Screening Market in India

The core value of the partnership with Apollo lies in opening the door to India’s rapidly growing healthcare market.

India is a high-incidence cancer country in Southeast Asia. Recent cancer maps released by The Paper show that India, ranked among the top three countries globally for new cancer cases, has a lifetime cancer risk of 11%. The six most common cancers are breast, oral, cervical, lung, stomach, and colorectal cancers, accounting for half of new cases. Cancers closely related to tobacco use, such as lung cancer, also have high incidence rates, mainly linked to habits like betel nut chewing and smoking. China and the US have the highest new cases of colorectal cancer, with India ranking among the top ten countries with the highest incidence. As a common high-incidence cancer in Asia, colorectal cancer also faces low early diagnosis rates—missed opportunities for effective early intervention due to lagging screening systems.

On February 23, Mirxes announced the completion of enrollment in its CADENCE-CRC study for colorectal cancer early screening. This is Southeast Asia’s first and largest blood-based early screening registration clinical trial, recruiting over 6,000 participants from diverse ethnic groups including Chinese, Malay, and Indian populations. The early detection sensitivity exceeds 80%, with specificity around 90%. The clinical data tailored for Asian populations significantly enhances the technology’s adaptability to the Indian market.

Mirxes’ product pipeline shows a clear, progressive structure, focusing on gastric, lung, and colorectal cancers, forming an orderly path to commercialization that precisely meets Indian market needs:

Gastric cancer early screening is the current core revenue pillar. As the world’s first approved gastric cancer early screening IVD product, it received registration in China in 2025. Commercialization is expected to accelerate from 2026 to 2027, providing stable cash flow for R&D and market expansion.

Lung cancer early screening products, launched in 2025, serve as a fast-follow incremental business, filling gaps in lung cancer screening in Asia, and synergizing with gastric cancer products to expand market coverage.

Colorectal cancer early screening is the second growth curve. By mid-2026, Mirxes plans to leverage its Southeast Asian presence to enable rapid market entry through LDT (Laboratory Developed Test) mode, allowing users to access this non-invasive screening product within the year. Simultaneously, the company will push for global IVD registration approvals to facilitate deployment in more Asian countries.

These three products are developed on Mirxes’ core technological platform, with tightly coordinated R&D and commercialization timelines. The high reusability of the platform reduces R&D costs and shortens development cycles, supporting ongoing product expansion and diversifying business risks.

Despite government efforts through the “Health India” initiative to promote cancer prevention at the grassroots level, domestic companies lack core technologies, and clinical applications of new techniques like liquid biopsy are still in early stages. There is an urgent market need for non-invasive, precise early screening solutions, providing Mirxes with a targeted entry point.

In February, Mirxes raised about HKD 700 million, with 20% dedicated to markets like India, providing ample funding for technology deployment. The planned joint venture will serve as Mirxes’ exclusive commercialization platform in India, integrating technology licensing, clinical validation, and market promotion. This “technology + capital + local channels” collaborative model is more sustainable than simple product exports, filling market gaps and offering stable commercial returns.

2. Building a Foundation with Technology and Empowering the Pipeline to Demonstrate Core Value

The deep cooperation with Apollo is supported by Mirxes’ solid technological barriers and extensive product pipeline. The major breakthrough in colorectal cancer early screening further elevates its product matrix competitiveness, providing core confidence for mutual recognition. As global tumor early screening trends toward non-invasive and precise methods, Mirxes’ proprietary miRNA technology has become a key breakthrough in liquid biopsy, forming an industry-leading technological moat that is difficult to replicate compared to companies relying on licensed technologies.

Its flagship product GASTROClear® (MirSmallGuard®), the world’s first approved molecular diagnostic for gastric cancer early screening, has received FDA “Breakthrough Device” designation, suitable for resource-limited primary healthcare settings in India. LUNGClear® serves as a supplementary tool to low-dose CT (LDCT), already implemented as an LDT service in Southeast Asia and Japan, gaining experience for adaptation to the Indian market.

The colorectal cancer early screening product, as the second growth driver, plans to launch LDT services in Southeast Asia by mid-2026 and submit for IVD registration by year-end. Its multi-ethnic clinical data can quickly meet Indian market demands. Mirxes’ structured commercialization path for gastric, lung, and colorectal cancers relies on high-reusability core technology platforms, controlling R&D costs and ensuring ongoing collaboration.

Mirxes’ technological strengths and pipeline precisely complement Apollo’s needs. As a top Indian healthcare group, Apollo has extensive hospital and community healthcare networks but lacks core technology, preventing the formation of a complete early screening-diagnosis-treatment cycle. Mirxes’ mature products can be rapidly deployed through Apollo’s channels, significantly shortening commercialization timelines. Additionally, leveraging Apollo’s clinical resources and understanding of Indian genetic characteristics can optimize product parameters, accelerate pipeline validation, and create a virtuous cycle of technological iteration and market implementation. The partnership also plans to expand into preventive medicine, further broadening Mirxes’ business scope.

3. Leveraging India’s Public Health Events to Enter Home Testing Scenarios

Notably, the partnership launch coincides with India facing public health emergencies like the Nipah virus outbreak. Such crises highlight the urgent need for rapid, convenient, home-based testing solutions, creating strategic opportunities for collaboration. Traditional centralized lab testing faces limitations in epidemic response and remote area coverage, whereas molecular testing platforms based on saliva or blood samples have potential for home collection and rapid screening.

Mirxes’ accumulated expertise in liquid biopsy and molecular diagnostics can be adapted for infectious disease rapid testing, beyond cancer screening. Coupled with Apollo’s nationwide pharmacy, community clinics, and digital platforms, the joint venture could develop home-based infectious disease self-test products, addressing urgent public health needs, entering the consumer health testing market, and fostering user habits of home health management. This approach elevates the joint venture’s value from merely filling cancer screening gaps to building a diversified, precise prevention and diagnosis ecosystem.

4. Synergy of “Technology + Capital + Market”

For Mirxes, the short-term supply pressure caused by the share lock-up has largely eased, with positive signals from completed colorectal cancer enrollment and the substantial progress of the overseas joint venture.

From a valuation perspective, the current stock price already reflects liquidity relief and cautious market expectations for emerging markets, forming a rare “double bottom” technical and fundamental structure.

More importantly, the partnership with Apollo is not just conceptual but involves actual capital infusion, technology licensing, and commercialization efforts. The $50 million joint venture valuation provides a clear valuation anchor for Mirxes’ Indian operations. For investors focused on global healthcare tech, this is not just a “story” but a proven profit model. With phased revenue from gastric and colorectal pipelines, Mirxes is transitioning from years of R&D investment into a period of value release driven by commercialization and globalization.

With the lock-up period ending, negative factors exhausted, and the valuation floor established, the convergence of technology, capital, and market elements creates a resonant opportunity. When the market remains cautious, this often marks the most significant window for strategic value deployment based on recognition gaps.