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Celularity receives $45m PO from Saudi Jamjoom Medicine under regional expansion

Celularity receives $45m PO from Saudi Jamjoom Medicine under regional expansion
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Mubasher: US-based Celularity Inc. received a $45 million purchase order (PO) for its private label Halal-Certified biomaterial products from Saudi Arabia’s Jamjoom Medical Store, according to a press release.

The transaction marks Celularity’s first PO under its recently announced expansion into the Middle East market and the priority to the GCC area, which is part of the US firm’s global market strategy.

It further builds on Celularity’s December 2022 announcement of Halal Certification of its commercial-stage biomaterial products as well as its clinical and investigational stage cellular therapeutic programmes.

Jamjoom CEO, Khalid Ali, said: “As the first private label distributor of Celularity Halal-Certified biomaterial products in the Kingdom of Saudi Arabia, this purchase order marks our commitment to bringing innovative regenerative medicine products to physicians and patients alike.”

Celularity clarified that its exclusive territories distributor in the Islamic Markets is CH Trading Group.

Ali stressed that the Saudi company looks forward to “developing this important opportunity with Celularity and CH Trading Group.”

Celularity’s CEO, Chairman and Founder, Robert J. Hariri, commented on the PO by saying: “We are delighted to announce the receipt of a $45 million purchase order for Celularity Halal-Certified biomaterial products from Jamjoom, marking an important step in our expansion into the Middle East.”

Hariri noted: “Our mission is to lead the next evolution in cellular medicine, and we look forward to building on this positive momentum to provide cutting-edge therapies to the people in the region.”

Meanwhile, the CEO of CH Trading Group, Elsayed Zayan, said: “The availability of Halal-Certified biomaterial products is a key enabler of the rapidly emerging regenerative medicine market in Saudi Arabia.”

Zayan added: “We are excited to partner with Jamjoom as the first private label distributor of these products in the Kingdom.”