Saudi Pharmaceutical Industries and Medical Appliances Corp. Announces an update on its Addendum Announcement in regards the inauguration of Oncology and High Potent Drugs Plant with a value of SAR 272 million.
| Element List | Explanation |
|---|---|
| Introduction | Saudi Pharmaceutical Industries and Medical Appliances Corp. Announces an update on the previous announcement published on 17 November 2022 (23/04/1444 AH), regarding the signing of a Memorandum of Understanding with AstraZeneca to invest, transfer technology, and manufacture a range of pharmaceutical products as part of the oncology and high-potency drugs production project. |
| Previous Announcement | Addendum Announcement from Saudi Pharmaceutical Industries and Medical Appliances Corp. in regards to The Saudi Company for Pharmaceutical Industries and Medical Supplies (SPIMACO Pharmaceutical) announces the inauguration of Oncology and High Potent Drugs Plant with a value of SAR 272 million. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2022-11-17 Corresponding to 1444-04-23 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | SPIMACO is pleased to announce the inauguration of its new plant for the production of oncology and high-potency medications, with a total investment of SAR 272 million. The facility covers an area of 2,800 square meters within the SPIMACO ADDWAEIH Qassim site and is established in partnership with leading global pharmaceutical and biopharmaceutical companies.
The plant boasts an annual production capacity exceeding 275 million therapeutic units. It incorporates the latest technologies and adheres to the highest international standards in pharmaceutical manufacturing, ensuring operational efficiency, safety for personnel, and environmental sustainability. SPIMACO ADDWAEIH remains a key player in the Saudi pharmaceutical sector. Along with its subsidiaries in 16 countries, it delivers high-quality, reliable medical and pharmaceutical products that elevate healthcare standards and fulfill the expectations of markets locally and abroad. Accordingly, the company is pleased to confirm the completion of all technical, regulatory, and operational requirements, producing the first commercial batches will begin in August 2025. This milestone reaffirms SPIMACO’s unwavering commitment to enhancing local pharmaceutical content by offering a wide range of specialized, high-quality medical products that meet the needs of both local and regional markets. The company also reaffirms its ongoing dedication to maintaining the highest standards of quality, compliance, and sustainability, in alignment with its strategic goals for healthcare excellence. |
| Reasons For The Delay on The Date of The Event Previously Announced | NA |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | NA |
| Delay consequences on the Company’s financial results | There is no delay and the expected financial impact will be reflected in the company’s consolidated financial statements starting from the fourth quarter of 2025. |
| Additional Information | NA |
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