Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Company (SPIMACO) on Thursday revealed that it will sign a memorandum of understanding (MoU) with Switzerland-based Hoffman La Roche to bolster partnerships and development between the two parties.
The deal, which will not have a specific time frame, will entail nationalising the production of cancer drugs as well as other high-tech drugs at SPIMACO’s plant in Al-Qassim region of Saudi Arabia.
SPIMACO and Swiss company will sign the deal on Saturday, 14 April.
The agreement also includes the production of several compounds, the Saudi company said in a bourse filing, noting that the first phase will include three compounds, each of whose annual sales should reach around SAR 100 million.
Our deal with Hoffman La Roche will bolster our position in the Saudi market, SPIMACO noted, highlighting that such deals come as part of the company’s plans to support the Saudi Vision 2030 and the National Transformation Programme (NTP).
SPIMACO’s share closed Thursday at a slight increase of 0.03% to SAR 29.78.
