Riyadh - Mubasher: Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) signed a non-binding term sheet with Pharmaceutical Investment Company (Lifera), a Public Investment Fund (PIF) entity, on 27 October.

The term sheet aims to form a joint venture (JV) that will develop, manufacture, and commercialize vaccines, biologics, and biosimilars in Saudi Arabia, according to a press release.

Meanwhile, the preliminary agreement sets the framework for negotiating a final binding agreement and includes standard provisions on confidentiality and good faith negotiations.

It will remain in effect until the execution of definitive agreements or termination by either party with 30 days’ notice.

Jamjoom Pharma highlighted that there is currently no financial impact, and the JV remains subject to final agreements and required approvals.

Bandar AlKhorayef, Minister of Industry and Mineral Resources, said: “A core part of Lifera’s mandate is focused on localizing expertise and capacity, ensuring that Saudi Arabia not only gains access to crucial medicines but is also fully equipped to produce them locally.”

Mahmoud Yousuf Jamjoom, Chairman of the Board at Jamjoom Pharma, commented: “This joint venture marks a strategic evolution in Jamjoom Pharma’s growth journey and underscores our deep-rooted dedication to national healthcare self-sufficiency.”

By leveraging Lifera’s biopharma expertise and Jamjoom Pharma’s manufacturing experience, the JV will localize advanced capabilities, cut import reliance, and improve access to essential medicines.

The initiative advances the Kingdom’s biopharma sector and its 2040 biotechnology leadership goals.

Jamjoom Pharma recently disclosed its financial results for the nine-month period that ended on 30 September 2025, posting 29.78% year-on-year (YoY) higher profits at SAR 395.73 million.