Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) has signed an agreement with the Swedish AstraZeneca, one of the largest companies in the biopharmaceutical business across the globe.

The Saudi company will transfer pharmaceutical products to its factory in Al Qassim, with total sales approaching SAR 300 million, according to a bourse filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

It is noteworthy that SPIMACO will have a pharmaceutical plant for cancer drugs, the plant is expected to be completed in the third quarter of 2019, the statement added.

SPIMACO’s partnership with AstraZeneca is expected to boost the Saudi company’s position in the local market in line with the Saudi Vision 2030.

The company will later disclose the financial impact of this agreement.