Swedish firm wins contract to build EIPICO Plant 3 with $43.5mln

Over an area of 10,000 square meters

  
Scientists wearing full protective suit working in the laboratory. Image used for illustrative purpose.

Scientists wearing full protective suit working in the laboratory. Image used for illustrative purpose.

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Cairo – Mubasher: The board of directors of the Egyptian International Pharmaceutical Industries (EIPICO) approved to assign the construction of the EIPICO 3 plant building structure to the Swedish company Pharmadule Morimatsu for a total amount of $43.5 million with a margin of +/- 5%.

The decision came after negotiating and studying the offers submitted by major international companies operating in this field, EIPICO said in a bourse disclosure on Wednesday.

The EIPICO 3 plant is the largest and first factory in Egypt and the Middle East to produce biologicals and biosimilars alternatives and medicines in the 10th of Ramadan City over an area of 10,000 square meters and with investments of EGP 1.2 billion.

In the first half (H1) of 2021, the pharmaceutical firm recorded consolidated net profits of EGP 270.76 million, slightly up from EGP 262.2 million in H1-20.

Source: Mubasher

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