Saudi Arabia-based drug firm Tabuk Pharmaceutical Manufacturing Company has signed an agreement with India’s largest biopharmaceutical company Biocon to commercialize select specialty products in the Middle East region.
Tabuk Pharmaceutical Manufacturing Company is a fully-owned subsidiary of Astra Industrial Group, a leading pharmaceutical company in the Middle East and North Africa (MENA) region.
According to the conditions of the deal, Tabuk Pharmaceuticals will have the marketing authorization for select Biocon specialty medicines and will be responsible for registering, importing, and advertising them in Saudi Arabia and other Middle Eastern countries.
The biotechnology company said in a statement that Biocon will develop and manufacture the products, and Tabuk will commercialize them as part of the out-licensing deal.
Mr. Siddharth Mittal CEO and MD of Biocon said, “Our partnership with Tabuk Pharmaceuticals is another significant step, as we continue to expand our global presence with our portfolio of high quality and vertically-integrated generic formulations to address unmet medical needs.”
As per the statement, the alliance will open the way for Biocon’s expansion into the MENA region, including Saudi Arabia, the UAE, Kuwait, Qatar, Oman, Iraq, Jordan, and Lebanon.
Mr. Mohammed Alhagbani, President of Astra Industrial Group stated, “As part of our role and mission at Tabuk Pharmaceuticals to deliver unique health solutions and enhance the well-being of people in Saudi Arabia and countries we operate in, our partnership with as distinguished and renowned a company as Biocon, comes in as an evident choice to further support our mission in line with Saudi Vision 2030, regarding localizing specialty and value-added pharmaceutical products.”
“We are leveraging advanced science, innovative tech platforms, and international research collaborations to develop therapies that can lower treatment costs, increase access and improve healthcare outcomes,” Mr. Alhagbani added.
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