Apollo Education Group Inc (NASDAQ: APOL) announced on Monday it has entered into a new agreement with Genesis Rehab Services (GRS), a division of Genesis Healthcare Inc (NYSE: GEN), to develop scalable rehabilitation therapy training programs in China.
Apollo Education Group noted that the programs are designed to prepare aspiring healthcare professions in China to meet the "growing therapy needs" in the second largest healthcare market in the world.
Apollo Education Group added that China faces a deficit of at least 300,000 professionals in the rehab therapy space. The two companies will convert existing content and traditional classroom style lectures into "engaging online training experiences and inter-professional content."
"China's health care needs are expanding at an astonishing rate, and workforce training opportunities must keep pace with that growth," states George V. Hager Jr., chief executive officer of Genesis HealthCare. "Apollo Education Group develops quality training programs that meet employer needs and leverages technology to innovate, which improves teaching and learning for employees. We believe their support in executing our talent development programs in China will allow GRS to excel at training the next generation of preventive health care leaders."
Shares of Apollo Education Group were trading higher by more than 17 percent as the company is exploring strategic alternatives, including a potential sale of the company.
Shares of Genesis Healthcare were trading higher by more than 4.5 percent shortly after Tuesday's opening bell.
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