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Saudi Chemical Co. Announces Contract Sign Off with Local Content & Government Procurement Authority
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CHEMICAL
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1445/07/17 29/01/2024 15:40:52
| Element List | Explanation |
|---|---|
| Date of Announcement of the Award | 2024-01-29 Corresponding to 1445-07-17 |
| Contract Subject Matter | the Localization of Pharmaceutical product (Ticagrelor). |
| The Entity with Which the Contract was Signed | Local Content & Government Procurement Authority |
| Date of Signing the Contract | 2024-01-29 Corresponding to 1445-07-17 |
| Contract Value | None |
| Contract Details | Saudi Chemical Company Holding (SCCH), through its pharmaceutical sector represented by AJA Pharmaceutical Industries Ltd. (AJA Pharma), and Local Content & Government Procurement Authority signed a Contract for the Localization and technology transfer of pharmaceutical product (Ticagrelor) for inclusion in the mandatory list, which is a list of national products issued by the Authority in accordance with the provisions of the local content preference regulation, local small and medium enterprises, and companies listed on the Saudi Capital market in business and procurement issued by Cabinet Resolution No. (245) dated 3/29/1441. |
| Contract Duration | 3 Years from effective date of the contract |
| Financial Impact and the Relevant Period | The expectation is to generate a total revenue exceeding SAR 35M over the 5-year period following commercialization. |
| Related Parties | There’re no related parties. |
| Additional Information | Eng. Thamer Almuhid, GCEO & MD, said: "We are pleased with this significant and qualitative milestone of SCCH, as we continue to support the development of the pharmaceutical sector in Saudi Arabia. The pharmaceutical product "Ticagrelor" is the first drug that will be completely manufactured locally; and it is a critical medication for the prevention of stroke and heart attack. By bringing the production of “Ticagrelor” to Saudi Arabia, we will contribute to enhancing local production of important medicines, as well as ensuring a sustainable supply of essential medications and drug security. Additionally, this will create more job opportunities for national cadres, and advance local human capital. This is a testament to our ongoing commitment that aligns with Vision 2030 goals, to improving access to high quality pharmaceutical products, driving economic growth, and improving the healthcare sector in our country." |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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