Riyadh - Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) on Wednesday signed an agreement with Amgen Inc. for the marketing and partial technology transfer for a high-quality biotechnology product.

The contract is valid for ten years from the date of signing, according to a stock exchange statement.

Moreover, the deal will strengthen SPIMACO’s leading role across the kingdom while increasing the contribution of local pharmaceutical industries to the realisation of the kingdom’s vision 2030. It will also promote the National Transformation Program in the health and industry sectors.

The new product is used for treating Rheumatoid arthritis, Psoriasis, and other immune system diseases. The drug has been registered in the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) and has been successfully marketed in several European countries.

The drug is expected to generate an average sales value of about SAR 30 million per annum.

Additionally, this product is classified as a biological drug, hence, requires a special and separate unit for manufacture and transfer, which is available in the company’s factory in Al Qassim area.

The Saudi medical giant further expects the deal to reflect positively on its future financial results.