SPIMACO signs deal with Amgen to market a biotech medicine

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) signed an agreement with Amgen International to market and transfer the technology of a biotech medicine used for the treatment of auto-immune diseases.

The company said in a statement that the tenure of the contract is 10 years, noting that the financial impact of the agreement cannot be determined until completion of the tender process.

The company expects average sales of the product to be around SAR 30 million annually. It said since the product is a biological medicine it requires a special manufacturing unit, while adding that such a unit exists in the company's factory in the Qassim region.

SPIMACO said this medicine is used for the treatment of diseases such as rheumatoid disease and psoriasis and is registered at the US’s Food and Drugs Administration (FDA). It has also been marketed successfully in many European countries.

The statement added that this agreement will strengthen the company’s position in the local market, and increase the percentage of localization of the pharmaceutical industry in the Kingdom.