Logo of AJA Pharma
Saudi Chemical Holding Co., through its subsidiary AJA Pharmaceutical Industries Ltd. (AJA Pharma), signed, on Aug. 30, a memorandum of understanding (MoU) with Eli Lilly Saudi Arabia Ltd., according to a bourse filing.
The MoU was signed at the Ministry of Investment headquarters to mark the start of local manufacturing of Lilly's insulin products registered in Saudi Arabia.
This agreement comes with the support and empowerment of the Ministry of Investment to develop investments in the healthcare sector and the pharmaceutical industry in the Kingdom, and support domestic and global companies to expand their local presence.
Under the MoU, the local manufacturing of Lilly’s insulin products, which is registered in Saudi Arabia, will be carried out through AJA Pharma of Saudi Chemical Holding.
The MoU is effective from the signature date, and will remain in effect until the two parties enter into a binding agreement or until the MoU is terminated by either party, in accordance with the agreed terms and conditions.
The financial impact of MoU cannot be determined, and any developments in this regard will be announced in due course.
Lilly is a global healthcare leader with a heritage of more than 140 years, built on the principle of discovery to create medicines that make life better for people around the world. Lilly was also the first company to make insulin commercially available 100 years ago, helping people suffering from Diabetes.
Throughout its 40 years of serving patients in the Kingdom, Lilly continues delivering high-quality medicines that meet real-world needs and contributing to the development of a knowledge-based economy in the Kingdom in line with Vision 2030.
Lilly is committed to working in the process of nationalizing the workforce, investing in clinical trials, and opening new regional headquarters in Riyadh, in accordance with the MoU with the Ministry of Investment.
Commenting on the MoU, Saudi Chemical Group CEO, Thamer Almuhaid, said: “We seek to strengthen AJA Pharma's position in the local and global pharmaceutical manufacturing sector and develop its capabilities in medical technology through this strategic cooperation with Lilly.”
He added that this will be a significant step towards localizing and transferring insulin manufacturing techniques, resulting in ensuring drugs security in Saudi Arabia, training of national personnel as well as creating more qualitative employment opportunities in line with the objectives of Vision 2030.
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