Saudi Chemical Co. announces signing a Memorandum of Understanding with Eli Lilly Saudi Arabia Limited
| Element List | Explanation |
|---|---|
| Introduction | Riyadh, Saudi Arabia – August 30, 2021 - Saudi Chemical Company Holding (SCCH), through its pharmaceutical sector represented by AJA Pharmaceutical Industries Ltd. (AJA Pharma), and Eli Lilly Saudi Arabia Limited signed a Memorandum of Understanding (MOU) at the Ministry of Investment Headquarters to initiate local manufacturing of Lilly’s insulin portfolio of products registered in Saudi Arabia to supply the local market.
This agreement received support and empowerment from the Ministry of Investment in order to develop investments in the healthcare sector and pharmaceutical industry in the Kingdom of Saudi Arabia; and to support local and international companies to expand their local presence. |
| Memorandum Signing Date | 2021-08-30 Corresponding to 1443-01-22 |
| Counterparty | Eli Lilly Saudi Arabia Limited |
| Memorandum Subject | local manufacturing of Lilly’s insulin portfolio of products registered in Saudi Arabia, through (AJA Pharma) as a subsidiary Saudi Chemical Company Holding and aim this agreement at increasing and enhancing local production of insulin and expanding its services to Saudi and global markets. (SCCH) is keen to invest in vital sectors and value-added projects to serve and meet the community needs, contributing to industrial diversifications, increasing local content as well as driving economic development towards achieving Vision 2030’s goals. |
| Memorandum Duration | This Memorandum of Understanding shall be deemed to commence on the date it is last signed (August 30, 2021 ) and shall remain in effect until the Parties enter into a binding agreement regarding the collaboration contemplated herein or until this Memorandum of Understanding is terminated by either Party according to the terms and conditions set forth below. |
| Related Parties | There are no related parties |
| Financial Impact | The financial impact of this announcement cannot be determined at this stage. will be announce the latest developments in this regard at the appropriate time |
| Additional Information | Lilly is a global healthcare leader with a heritage of more than 140 years, built on uniting caring with discovery to create medicines that make life better for people around the world. Lilly was also the first company to make insulin commercially available 100 years ago, helping people suffering from Diabetes. Throughout its 40 years of serving patients in the Kingdom, Lilly continues delivering high-quality medicines that meet real-world needs and contributing to the development of a knowledge-based economy in the Kingdom in line with Vision 2030.
Lilly has been committed to progressing on workforce nationalization, investing in clinical trials, opening new Regional headquarters in Riyadh as per the MOU with the ministry of investment, and today announcing the MOU with AJA Pharma for local manufacturing of portfolio products to supply the local market.
Commenting on this collaboration, Dimitri Livadas –President and General Manager, Lilly Saudi Ltd. said: “We are pleased to sign this MOU with AJA Pharma as we further emphasize our commitment to a future in Saudi, with Saudi, and for Saudi. This milestone demonstrates once again Lilly’s commitment to Vision 2030 and the development of the local healthcare capabilities in the Kingdom. We look forward to continue strengthening our local footprint and helping patients who need our medicines”.
From his side Eng. Thamer Al-Muhaid, Group Chief Executive Officer of (SCCH), said: “We seek to strengthen (AJA Pharma)'s position in the local and global pharmaceutical manufacturing sector and to develop its capabilities in biomedical technology through this strategic cooperation with Lilly, the leading pharmaceutical global company in insulin manufacturing. This would be a significant step towards localizing and transferring insulin manufacturing techniques; resulting in ensuring drugs security in Saudi Arabia, training of national personnel as well as creating more qualitative employment opportunities in line with the objectives of Vision 2030.
About Eli Lilly and Company Lilly is a global healthcare leader that unites caring with discovery to create medicines that make life better for people around the world. The company was founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today it remains true to that mission in all its work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism.
About AJA Pharma: AJA Pharma has a Pharmaceutical Manufacturing site in Ha’il, Saudi Arabia. AJA’s plant is built to provide a wide range of pharmaceutical products in various finished dosage forms for different therapeutic classes, according to the latest approved research and development results as provided through successful business models with our worldwide known partners. Also, relying on the huge capabilities, highest quality, and unique technologies we have in AJA site, the site will produce Sterile injectables (Liquid & Lyophilized) to satisfy the ever-increasing market demands in the specialized therapy areas. Our goal to always be the partner of choice, in order to provide the best, not only for our customers, but also the best for the society, the industry and for the environment seeking to realize Kingdom’s Vision 2030 of healthcare and pharmaceutical industries. |
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