SPIMACO to ink MoU with Swiss pharmaceuticals firm

Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO) said it will sign on April 14 a memorandum of understanding (MoU) with Switzerland-based Hoffman-La Roche to cooperate in localizing cancer medicine production at SPIMACO’s Qassim Plant.

The MoU will include manufacturing a number of products, including the first stage of three pharmaceutical compounds with average annual sales of about SAR 100 million, SPIMACO said in a bourse statement.

The medicines are used in the treatment of some common cancers such as breast, colon and rectal cancers. They are also used in helping the body accept newly transplanted organs.

The agreement does not involve any related parties and will come into effect on immediately after signing, the statement added.

In June 2015, SPIMACO’s board of directors decided to set up a cancer medicine plant within its Qassim plant at an initial cost of SAR 200 million.