A Memorandum of Understanding (MOU) was signed between the Institute of Biochemistry, Molecular Biology, and Biotechnology, University of Colombo, and LOLC Advanced Technologies PVT LTD on November 24, 2022. The event took place at the University of Colombo, College House Premises with gracing of the Vice Chancellor Senior Prof. H.D. Karunaratne, Director of IBMBB Prof. Prasanna Galhena, Prof. Sameera R Samarakoon, Director of UBL Cell Prof. M.N. Kaumal, Dr. Kanishka Senathilake, Ms. Arani Ranasinghe, and Mr. Mishal Faizan were representing the institution. LOLC Adavaced Technologies was represented by Mr. Danesh Abeyrathne the CEO of LOLC Advanced Technologies, Procurement Manager Mr. Randika Jayasinghe and Deputy Manager international Sales and Marketing Mr. Sahan Mendis.

IBMBB is a renowned institution that conducts cutting-edge research in the fields of molecular biology, biochemistry, and biotechnology with subject-matter experts on staff. The goal of this partnership between LOLC Advanced Technologies and IBMBB is to create locally accessible, scientifically useful products. These programs aim to generate cutting-edge innovations that can satisfy the present socioeconomic need by producing new, enhanced products. LOLC Advanced Technologies Pvt. Ltd. is a business set up to explore sustainable business opportunities in the market with the augmentation of science and technology. It is a wholly owned subsidiary of LOLC Holdings PLC. It explores technology and innovation aligned with the country’s vision and aims to infuse local value addition. It further provides opportunities for local scientists to work on exciting projects and encourages a spirit of discovery and innovation, which are abundant in Sri Lanka.