Alpha Pharma’s listing ‘optional,’ awaiting right time: CEO

Shaikh Yaser Al Naghi, Chairman, Alpha Pharma and Group CEO of Cigalah Healthcare

The listing of Alpha Pharma on the Saudi Exchange (Tadawul) remains an option, subject to suitable timing, Chairman Shaikh Yaser Al Naghi told Argaam.

He added that share listing is among the available choices for any successful market player.

As a family business, the company is monitoring the positive developments in the Saudi market, Al Naghi stated.

Companies progress through distinct stages throughout their life cycle, he said, adding that the current status of Alpha Pharma indicates that it has yet to reach the listing stage. Instead, it functions as a special-purpose entity.

Cigalah Healthcare dominates 16% of the Saudi pharmaceuticals market, Al Naghi, the company’s Group CEO, said.

Alpha Pharma’s manufacturing and Saudization initiatives are still in their early phases but need time to exceed the 10% threshold, he added.

The company seeks to expand its business portfolio to include injections, creams, and hormonal drugs over the next five years.

Alpha Pharma is working to develop pharmaceuticals locally and capitalize on Saudi Vision 2030 objectives, focusing on local content, government procurement, and ensuring health product coverage within the local market.

Boehringer Ingelheim, one of the world’s top pharmaceutical companies, announced the successful transfer of manufacturing operations of one of its innovative medicines for treating type 2 diabetes to Alpha Pharma, in addition to other medications currently under patent, adding significant value to the Saudi market.

Alpha Pharma has a production capacity of over 300 million packages of tablets, pills, and syrups per year. This serves third-party clients and Alpha Pharma’s own products.