SPIMACO ADDWAIEH Signs Agreement with Swiss Company for SR240 million

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO ADDWAIEH) announced on Monday the signing of an agreement with the Swiss Company, VIFOR PHARMA for a period of 8 years to localize the manufacturing for Ferinject® injection together with an agreement to manufacture and subsequently commercialize a ferric carboxymaltose preparation through SPIMACO.

The value of the agreements will be around SR240 million over 8 years (Average Annual Revenues around SR30 million).

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO ADDWAIEH) has signed an agreement with VIFOR PHARMA for a period of 8 years. This agreement will strengthen the leading position of SPIMACO in the local market, as well as increasing the percentage of pharmaceutical industry localization in the Kingdom to achieve one of the goals of the Kingdom’s Vision 2030 and the National Transformation Program (NTP) by localizing knowledge-based industries, especially the innovative and Biotechnology medicines.

This Agreement comes with SPIMACO’s strategic business plan which aims to expand, spread and diversify by entering into domains to achieve the highest levels of health care, to meet the Saudi Market needs and to ensure the continuity of the availability of the medicine to the patient in accordance with international recognized specifications and standards.

A positive financial impact is expected on the financial results of the company starting from the year 2023, the company concluded.