A major Saudi pharmaceutical exhibition has witnessed more than SR10bn ($2.7bn) of deals and significant partnership announcements.
The global pharmaceutical exhibition CPHI Middle East, held in Riyadh, saw the signing of agreements totalling more than SR10bn ($2.7bn) and the announcement of a series of strategic partnerships between major local and international companies.
During the gathering, the Ministries of Health, Investment, and Industry and Mineral Resources and Vertex Pharmaceuticals signed an agreement worth SR1bn ($266m) to enhance research, innovation, and development.
Saudi pharmaceutical exhibition
The deal aims to bolster opportunities for local manufacturing in gene therapies, including for sickle-cell anaemia and beta-thalassemia diseases.
The agreements also included the launch of the largest logistics complex in Riyadh at a value of SR1bn ($266m), covering an area of 200,000sq m.
The complex will include modern facilities equipped with the latest automated operating techniques and sustainable solar energy systems. An advanced centre for therapeutic industries will also be established to produce various therapies including cancer drugs.
The exhibition saw the signing of a SR3bn ($798m) investment agreement to establish an advanced centre for manufacturing biological drugs, supporting the Kingdom’s National Biotechnology Strategy.
Another deal worth SR1bn ($266m) was signed to enhance biological drugs production, including autoimmune disease antibodies.
The exhibition hosted the signing of strategic partnership between SaudiVax biotech company and Henlius, along with its parent company Fosun Pharma, to establish Fosun Henlius Middle East company and Saudi Vax factory.
The deal, valued at around SR426m ($113m), aims to develop the biopharmaceutical sector in Saudi Arabia.
Additionally, a SR2bn ($532m) agreement was signed to establish the ZETA GULF pharmaceutical factory in the Kingdom.
The CPHI Middle East global pharmaceutical gathering is taking place from December 10 to 12 at Riyadh Front Exhibition and Convention Centre under the patronage of the Ministry of Health.
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