Astra says Tabuk Pharmaceutical-Moderna deal valid for three years

Tabuk Pharmaceutical Manufacturing headquarters

Astra Industrial Group said that the agreement signed between its fully-owned subsidiary, Tabuk Pharmaceutical Manufacturing Co. and Moderna, to commercialize the Moderna COVID-19 vaccine and future variant-specific booster candidates in Saudi Arabia, is valid for three renewable years upon consent of both parties.

However, it is difficult to determine the agreement value, as it depends on the level of supply and sales to the market, which is dependent on successful registration of the products.

Under the terms of this agreement, Tabuk Pharmaceuticals will hold the marketing authorization for the Moderna COVID-19 vaccine in Saudi Arabia.

The agreement scope also includes obtaining and maintaining any required authorization, including registration of the products with the Saudi Food and Drug Authority (SFDA) and carrying out pharmacovigilance activities.

The deal provides suitable handling of the products for the main distributors, hospitals, clinics and others.

The agreement gives Tabuk the possibility to discuss opportunities to distribute other Moderna products for COVID-19, if authorized in the future.

There are no related parties to the agreement, Astra noted, adding that any material financial impact will be announced in the upcoming interim and annual financial statements.

Tabuk Pharmaceutical was established as a limited liability company in 1994 with SAR 103 million capital, to produce, market and distribute various pharmaceutical products, according to data compiled by Argaam.