Jamjoom Pharma inks non-binding term sheet for potential JV with Lifera

Jamjoom Pharma says the term sheet represents a preliminary non-binding agreement on the potential JV and its key provisions

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) signed today, Oct. 27, a non-binding term sheet with Pharmaceutical Investment Co. (Lifera) for establishing a joint venture (JV) focused on the local manufacturing and expansion into vaccines, biologics, and biosimilars within Saudi Arabia.

Lifera is a Public Investment Fund (PIF) company, specializing in the localization and expansion of Saudi Arabia’s biopharmaceutical sector.

In a statement to Tadawul, Jamjoom Pharma said the term sheet represents a preliminary non-binding agreement on the JV and its key provisions.

It added that the term sheet included the parties’ consent to negotiate a final binding agreement as well as other customary provisions like confidentiality and other clauses.

The term sheet is non-binding as the deal remains subject to the parties reaching a final binding agreement and to any required approvals. There is no assurance that the final agreements will be signed or that the JV will materialize, the statement said.

According to the company, the term sheet will terminate at the time the definitive agreements are executed, or in case of termination by either party by way of a 30-day notice to the other.

There are no related parties involved in the deal, it noted.

Jamjoom Pharma also indicated that there is currently no related financial impact as the term sheet is non-binding.

The company will announce any material developments in due course, including the entry into the definitive agreements with Lifera and the details thereof.