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The Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) announces the establishment of a fully owned subsidiary, SPIMACO Bio, specialized in the development and manufacturing of biopharmaceutical products.
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| Announcement Detail | The Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has established new subsidiary named as SPIMACO Bio as part of its strategic direction to expand into high value-added pharmaceutical sectors, including biological, gene, and cell therapies. This step is in line with SPIMACO’s strategy to strengthen its presence in the biopharmaceutical industry through portfolio diversification and sustainable business growth. The establishment of SPIMACO Bio also supports national objectives by contributing to the localization of advanced pharmaceutical industries, facilitating the transfer of state of the art knowledge and technologies to the Kingdom, and enhancing local content within this vital sector. There is no material financial impact resulting from the establishment of the subsidiary at this stage. Any material financial impact, if any, will be disclosed in the future. SPIMACO Bio will commence its operations after completing all required regulatory requirements and obtaining the necessary approvals from the authorities. |
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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