Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has inked a SAR 135 million contract with Merck Sharp and Dohme (MSD).
The contract covers the signature and renewal licence, supply, and co-marketing of the two-second brand products 3 SKUs that are used as a treatment for non-insulin-dependent (type II), according to a recent bourse disclosure.
The agreement aims to strengthen SPIMACO’s position in the local market and enhance the localisation percentage of the pharmaceutical industry in Saudi Arabia. It also comes in line with the Kingdom’s Vision 2030 and the National Transformation Program (NTP).
The two-year contract was awarded and signed on 19 September 2022.In addition, it will have a positive impact on the listed firm’s income statements.
During the first half (H1) of 2022, SPIMACO turned to net losses worth SAR 21.10 million, compared to net profits of SAR 53.63 million in the year-ago period.
