| Element List | Explanation |
|---|---|
| Introduction | Al Hammadi Holding Company announces that Sudair Pharmaceuticals, in which Al Hammadi Holding Company owns 35%, has signed an agreement on Monday, October 29, 2023, with the National Unified Procurement Company for Medical Supplies (NUPCO) and SANOFI Company to localize the insulin industry in the Kingdom of Saudi Arabia. |
| Date of Announcement of the Award | 2023-10-29 Corresponding to 1445-04-14 |
| Contract Subject Matter | Off take agreement |
| Date of Signing the Contract | 2023-10-29 Corresponding to 1445-04-14 |
| Contract Value | The cost of the project will be determined later. |
| Contract Details | The agreement was signed with the aim of establishing a specialized plant in the Kingdom of Saudi Arabia for the manufacture and packaging of insulin. This strategic partnership promotes reducing the burden of importing medicines, increasing access to high-quality insulin for diabetic patients, and contributes to making the Kingdom of Saudi Arabia a regional hub for the manufacture of biological medicines in line with the Kingdom's Vision 2030. |
| Contract Duration | 7 years. |
| Financial Impact and the Relevant Period | The financial impact is expected to appear during the first half of the fiscal year 2024. |
| Related Parties | None. |
| Additional Information | Sanofi will transfer its technological expertise and global knowledge in the field of biotechnology to Sudair Pharmaceuticals for full local production in the Kingdom of Saudi Arabia, in order to contribute to raising the local content in the Kingdom towards localizing basic pharmaceutical industries, promoting economic diversification, and placing the Kingdom in advanced ranks in the fields of life sciences. Diabetes is a global health concern that makes it essential to provide continuous and reliable high-quality insulin to meet the Kingdom's needs. |
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