Al Hammadi buys 35% of Sadeer Pharmaceuticals for SR118 mln

Al Hammadi Company for Development and Investment announced on Tuesday the satisfaction of all the conditions of the Transaction, obtaining all required approvals and completion of all required regulatory formalities and agreed terms for transferring the Sale Shares in Sudair Pharmaceuticals Company to Al Hammadi Company for Development and Investment on 2021/11/9, including obtaining of the no objection letter in respect of the Transaction issued by the General Authority for Competition and amendment of Sudair Pharmaceuticals Company articles of association to reflect the Transaction.

The transaction includes the purchase the entire stake shares of the Gulf Investment Corporation (GIC) , which represents 35% of Sudair Pharmaceuticals Company, the owner and developer of Sudair Complex for Specialized Pharmaceutical Industries

The transaction value is                 SR118,125,000.

The transaction terms: The due diligence examination of the company’s financial, legal, administrative and operational conditions and Status have been completed the approval of the relevant authorities have been secured the financial valuation has been completed.

“The acquisition is in line with Al Hammadi Company’s growth plans and the Kingdom’s Vision 2030 to nationalize and localize advanced industries and technologies.” The company said.

The expected impact of the transaction on the company and its operations is to increase the sales of the pharma sector in the company.