Cairo – Mubasher: Egyptian International Pharmaceutical Industries (EIPICO) is currently conducting a study to establish the largest project in the country to produce biologics.

With investments of EGP 1 billion, EIPICO plans to establish this project to produce medications related to cancer diseases and hormonal therapy, according to a recent bourse filing to the Egyptian Exchange.

The chairman of EIPICO Ahmed Said Kilani noted that a land spanning 10,000 square metres in the 10th of Ramadan City is expected to be allocated for this project.

Execution work of this vital project is set to commence in the fourth quarter of the current fiscal year, the chairman said, highlighting that this project will raise the sales of the pharmaceutical company.

During FY18, EIPICO achieved EGP 701.31 million worth of net profit compared to EGP 688.87 million in FY17.