SPIMACO partners with Boston Oncology to locally manufacture 4 products

Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) signed today, Oct. 5, a seven-year contract with Boston Oncology Arabia Ltd. to transfer technology and enable the local manufacturing of four specialized oral oncology products.

Product production will be carried out at SPIMACO’s oncology and high-potent drug plant, the company said in a Tadawul statement.

This agreement is valued at less than 1% of SPIMACO’s total annual revenue for 2024, it added.

Under the deal, Boston Oncology grants SPIMACO a license to manufacture pharmaceutical products for oncology treatment, over two phases:

Phase 1: Technology transfer, covering a first wave of four oncology molecules.

Phase 2: Commencement of the local manufacturing of these four molecules at SPIMACO’s high-potent drug facility in Saudi Arabia.

The number of pharmaceutical products under that deal might be increased in the future, said the company, adding that any such additions will be duly announced.

SPIMACO also indicated that the related financial impact is currently undetermined but is expected to be positive in the future. It noted that there are no related parties involved in the deal.

According to Argaam data, SPIMACO’s 2024 revenues amounted to SAR 1.68 billion, 1% of which is equal to almost SAR 16.8 million.