Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) has closed a deal to sell its 48.5 percent stake in the Irish company, Eirgen Pharma, to the US-based firm Opko Health in a deal worth $135 million ($506 million).
SPIMACO said in a statement to Tadawul that its share of the deal is $65.4 million (SAR 245.4 million), making a SAR 152.4 million in profit from the company, which it purchased in March 2012 for SAR 93 million.
The company said the deal will reflect in second quarter results. Part of the revenue generated will be used to finance a cancer treatment project, which will be announced later.
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