The Clap
SPIMACO (2070) announced the signing and renewal of an agreement with the international company Merck.
The Deets
The agreement aims at licensing, supplying and joint marketing of two pharmaceuticals used in the treatment of diabetes and not dependent on insulin and manufactured partly at the company’s factory in the Qassim region.
What Now
SPIMACO owns the marketing and trademark rights for these pharmaceuticals registered under the Saudi Food and Drug Authority.
Why this Matters
The company expects that the total sales of the pharmacueticals will be around SAR 135 million during 2023 and 2024.