Saudi Chemical subsidiary, Bioventure sign MoU to strengthen strategic relationship

02/02/2023 Argaam

Saudi Chemical subsidiary, Bioventure sign MoU to strengthen strategic relationship

Logo of AJA Pharmaceutical Industries Ltd. (AJA Pharma)

Saudi Chemical Co. Holding (SCCH) signed on Feb. 1 a memorandum of understanding (MoU), through its pharmaceutical subsidiary AJA Pharmaceutical Industries Ltd. (AJA Pharma), with Bioventure FZ-LLC, a subsidiary of GlobalOne Healthcare Holding.

 

The memorandum was signed in the Saudi Export Development Authority stand during Arab Health Exhibition 2023, the company said in a statement to Tadawul.

 

The MoU was inked to strengthen the existing strategic relationship, with an aim to license and supply new pharmaceutical products in the Middle East region, the statement noted.

 

It is mainly concerned with specialty formulations for nowadays-costly diseases, such as diabetes and tumors.

 

The company indicated that biosimilars are expected to be among the largest and fastest growing therapeutic categories all over the global pharmaceutical sector in the coming years.

 

The financial impact of this MoU will be determined later, the statement said, noting that there are no related parties to this memorandum.

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