RIYADH: Saudi Pharmaceutical Industries and Medical Appliances Corp., or SPIMACO, has sealed a deal with Swiss-based Vifor Pharma to localize the production of an iron replacement injection, called Ferinject.

The value of the agreement is SR240 million ($64 million) and will be valid for eight years, the homegrown drugmaker said in a bourse statement.

SPIMACO expects to post annual revenue of SR30 million on average from the deal.

The positive financial impact is expected to roll out on the company’s financial statements starting from 2023, according to the statement.

The agreement is in line with the company’s expansion and diversification efforts in order to improve the healthcare industry in the Kingdom.

It also complements Saudi Vision 2030 and the National Transformation Program by localizing knowledge-based industries.

Copyright: Arab News © 2022 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.