Chinese milk protein deal reaps Quantec $2m
BUSINESSDESK: Hamilton-based biotech company Quantec has signed a $2 million deal with NZ New Paradise to use its patented milk protein ingredient, IDP, in its oral and throat care exports to China.
Auckland-based NZ New Paradise's first IDP-product will be a mint to fight halitosis, launched under its existing Purel brand.
It plans to capitalise on IDP’s ability to kill bad bacteria and reduce inflammation by manufacturing a flavoured chewable tablet for Chinese children to boost their oral health.
The terms of the deal are confidential.
“We’ve been working with NZ New Paradise for over a year to test the Chinese market and prepare for market introduction," Quantec founder and managing director Rod Claycomb said.
"As a result of time spent in-market, Quantec projects China has the potential to be a $2 million market for us."
The products will be launched at a baby and infant expo in Shanghai later this month. They will then be progressively released in Beijing, Hunan, Hubei, Jiangsu and Zhejiang.
The products will be sold online and in baby care stores.