Riyadh, Saudi Arabia: Biocon Ltd (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceutical company, today announced a partnership with Tabuk Pharmaceutical Manufacturing Company (a fully owned subsidiary of Astra Industrial Group), a leading pharmaceutical company in the Middle East and North Africa (MENA), to commercialise selected speciality products in the Middle East.
Under the terms of this agreement, Tabuk Pharmaceuticals will hold the marketing authorization for these products and will be responsible to register, import, and promote them in Saudi Arabia and other Middle East countries.
The partnership will pave the way for Biocon’s expansion into the MENA region to include Saudi Arabia, UAE, Kuwait, Qatar, Oman, Iraq, in addition to Jordan and Lebanon. This is another important milestone for Biocon, reflecting its commitment to providing patients around the globe with affordable medications, by establishing a strong global portfolio of products, either directly or through strategic partnerships.
As part of the out-licensing deal with Tabuk, Biocon will develop and manufacture products, while Tabuk will commercialise them in the Middle East.
Mohammed Alhagbani, President of Astra Industrial Group commented: “As part of our role and mission at Tabuk Pharmaceuticals to deliver unique health solutions and enhance the well-being of people in Saudi Arabia and countries we operate in, our partnership with as distinguished and renowned company as Biocon, comes in as an evident choice to further support our mission in line with Saudi vision 2030 regarding localizing speciality and value added pharmaceutical products. As an innovation-led company we are driven by our purpose to enhance global healthcare through high quality, affordable biopharmaceuticals. We are leveraging advanced science, innovative tech platforms and international research collaborations to develop therapies that can lower treatment costs, increase access and improve healthcare outcomes”.
Wisam Alkhatib, Vice President of Strategy and Business Development of Tabuk Pharmaceuticals added: “We are excited at Tabuk to partner with an innovation-led company like Biocon to commercialize difficult to make products that builds on our strategy to expand our specialty business and reinforces our leading position in the region. Our aspiration is to be the partner of choice to Biocon in the region and consider further collaboration with a rich pipeline of products”.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said: “Our partnership with Tabuk Pharmaceuticals is another significant step as we continue to expand our global presence with our portfolio of high quality, vertically-integrated generic formulations to address unmet medical needs. We are extremely pleased to collaborate with Tabuk, whose deep expertise will help us build a solid foundation in key Middle East markets”.
-Ends-
About Biocon Limited:
Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is an innovation-led global biopharmaceuticals company committed to enhance affordable 2 access to complex therapies for chronic conditions like diabetes, cancer and autoimmune diseases. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets, as well as generic formulations in the US and Europe. It also has a pipeline of promising novel assets in immunotherapy under development.
About Tabuk Pharmaceuticals:
Tabuk Pharmaceutical Manufacturing Company is a leading Saudi pharmaceutical company with a regional presence in the Middle East and North Africa. Tabuk Pharmaceuticals develops, manufactures, markets and distributes various branded generics, in addition to manufacturing pharmaceutical products for renowned International partners at its manufacturing sites in Saudi Arabia, as part of its continuous efforts to cover the needs of patients by providing high quality medicines. Tabuk Pharmaceuticals is a major player in the pharmaceutical sector not only in the Kingdom of Saudi Arabia, but also in the Middle East and North Africa, thanks to its four state-of-art manufacturing sites located in Tabuk and Dammam in the Kingdom, as well as in Sudan and Algeria, and orchestrated by a team of more than 2,400 employees. Tabuk pharmaceuticals reaches patients in 17 countries in the Middle East and Africa, in addition to futuristic plans to expand its presence in the region.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
