Gennvax Egypt obtains golden license to establish vaccine manufacturing plant

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Egypt - Prime Minister Mostafa Madbouly approved the granting of the golden license to Gennvax Egypt, an Egyptian joint stock company, for the establishment and operation of a vaccine manufacturing plant, according to an emailed press release on July 20th.

This project is set to be the first and largest pharmaceutical, vaccines, and medical serums factory in Egypt with up to $150 million in investments.

Located on an area of approximately 49,000 square meters in the new industrial economic zone of the Suez Canal, the factory will have a complete manufacturing cycle, while benefiting from full technology transfer to meet the highest global standards.

As part of the establishment process, Gennvax Egypt will receive the necessary approvals from the International Health Organization for the export of WHO PQ vaccines.

The company will also allocate a large portion of the foreign direct investment to maintain the WHO PQ accreditations and standards, as the PQ shall be an integral part of the facility establishment.

The project will boost the company's role in producing and innovating vaccines used to treat various diseases, and is expected to offer between 500 and 700 job opportunities, Nibal Dahaba, shareholder and a member of the Board of Directors and General Manager of Gennecs Holding and Gennvax Holding, said.

For his part, Adam Al-Daba, shareholder and CEO of Gennecs Company and Gennvax Holding, said that a substantial portion of the project's investments, approximately $60 million, has been allocated towards obtaining the necessary WHO PQ approvals for vaccine manufacturing, accreditation and export.