SPIMACO signs SAR 240 mln deal with Swiss firm to localize injection manufacturing

Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp.

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) signed an agreement with the Swiss Company, VIFOR PHARMA, for a period of eight years, worth SAR 240 million, with average annual revenue of around SAR 30 million.

The company said in a bourse filing that the agreement will localize the manufacturing for Ferinject injection, together with an agreement to manufacture and subsequently commercialize a ferric carboxymaltose preparation through SPIMACO.

Ferinject is indicated for the treatment of iron deficiency anaemia.

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

The company expects a positive financial impact on the financial results starting from 2023.