Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Company (SPIMACO) plans to increase its sales by 10% over the coming years, CEO Fahad Alkhalaf said.

The Saudi Arabia-based firm has signed more than 30 agreements with international firms which will impact positively on its performance in the next period, CNBC Arabia reported, citing Alkhalaf as saying.

The company’s sales reached about SAR 300 million, the top CEO added.

The deal with AstraZeneca UK Limited aims to raise drug manufacturing to 40%, up from 20% by 2020, he noted. 

Moreover, SPIMACO's contract with AstraZeneca entails completely nationalising the production of 17 drugs used in cancer and chronic disease treatment.

SPIMACO’s stock rose 1.63%, closing Sunday at SAR 30.55.