RIYADH: Saudi-based AJA Pharma has signed a Memorandum of Understanding with UAE’s Bioventure FZ-LLC to license and supply new pharmaceutical products.
According to a bourse filing, the new additional selected pharmaceutical products in the Middle East region are set to be used in the Saudi Export stand at the upcoming Arab Health Expedition 2023.
Under the terms of the new MoU, Bioventure, a subsidiary of GlobalOne Healthcare Holding, is set to focus and develop various delivery forms including complex-to-develop formulations, diabetes, oncology, and biosimilars.
In addition to this, the biopharmaceutical company is also expected to advance and propel therapeutic categories that are projected to be among the largest and fastest-growing within the global pharma sector over the coming years.
The financial impact of the one-year agreement which was signed on Feb. 1 is yet to be disclosed.
Commenting on the agreement, Thamer Al-Muhid, CEO of investment firm Saudi Chemical Co. Holding – of which AJA Pharma is a subsidiary – said: “SSCH aspires to develop its manufacturing arm in the pharma sector, AJA Pharma, through such investment which will contribute to strengthening its position as a Saudi pharmaceutical manufacturer in the field of Oncology, Diabetes and Specialty products, to serve and meet community needs.”
Also, Ashraf Radwan, CEO of GlobalOne Healthcare, said: “Bioventure is committed to improving access to quality healthcare for patients in the Middle East, and this MoU with AJA Pharma marks a significant step towards achieving that goal. By expanding our licensing and supply capabilities, we can bring a wider range of innovative, effective treatments to the people who need them most. I am thrilled to be working with AJA Pharma to bring these solutions to patients in the Middle East and make a meaningful difference in their lives”.
Bioventure is a biopharmaceutical company with a global network focused on biotech as well as a wide range of pharmaceutical activities.