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Saudi Chemical Company Holding (SCCH) has completed the acquisition of prescription rights for anti-impotence medicine Cialis from American drugmaker Eli Lilly.
The acquisition deal, which is expected to bring $26.7 million in annual revenue for the company, was completed following the approval from relevant government authorities, SCCH said in a disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.
Last December, Saudi Chemical entered an acquisition agreement with Eli Lilly. With the deal, Saudi Chemical’s subsidiary AJA Pharmaceutical Industries (AJA Pharma) becomes the manufacturer and supplier for Cialis in the Saudi market.
Cialis is used to treat erectile dysfunction, as well as benign prostatic hyperplasia (enlarged prostate gland that is not cancerous).
(Writing by Cleofe Maceda; editing by Seban Scaria)
