Saudi Pharmaceutical Industries and Medical Appliances Co. (SPIMACO) will use proceeds from its recent divestment from EirGen towards the construction of a new pharmaceutical plant, Fahad bin Ibrahim Al Khalaf, the company’s chief executive told CNBC Arabia.
 
The Saudi pharma firm recently sold its stake in EirGen, an Irish specialty pharmaceutical company, to the US-based Opko for an estimated $135 million.
 
SPIMACO recorded SAR 152.4 million in capital gains from the deal, which will reflect on its financials for the second quarter of 2015.
 
The proceeds will be used to build an anti-cancer drug plant in the industrial area of Qassim.
 
In March 2012, SPIMACO acquired 48.5 percent of EirGen at a total value of SAR 93 million.

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