Al Hammadi, Sudair Pharma extend MoU for potential acquisition

Al Hammadi Company for Development and Investment (Al Hammadi) has extended its memorandum of understanding (MoU) for the acquisition of equity stake in Sudair Pharma Company until Aug. 31, it said in a statement to Tadawul on Sunday.

The two companies initially signed a two-month MoU on Apr. 21 

The acquisition is part of Al Hammadi's growth plans and the Saudi Vision 2030 to nationalize advanced industries and technologies. The move will  help it capitalize on the significant growth expected in the manufacturing and distribution of specialized drugs.

Developments related to the transaction in due course, the statement said.