SAGIA grants Pfizer 100% ownership of KSA business

Updated 29 July 2016

SAGIA grants Pfizer 100% ownership of KSA business

RIYADH: Saudi Arabian General Investment Authority (SAGIA) granted the US pharmaceutical company Pfizer Inc. 100 percent ownership of its business in the Kingdom to, among other things, import, export and trade in products, permitting a supply of quality innovative and essential medicines directly to the Saudi market.
The new license is effective immediately.
Majid Al-Qassabi, minister of commerce and investment, and chairman of SAGIA’s board of directors, said: “As one of the international companies investing in the Kingdom, Pfizer has been granted a trading license with 100 percent ownership, a step that will contribute to the expansion of its activities for the Saudization of the pharmaceutical industry in Saudi Arabia.
"The company proposed a distinct action plan for future projects and the Saudi government looks forward to providing Pfizer with the support it needs, as part of an effective partnership between the public and the private sector in order to achieve the development goals of the Kingdom, which are crystallized by Vision 2030, and part of which aims to enhance the role of the private sector in the Saudi economy.”
Pfizer plans to open in 2017 a facility in the King Abdullah Economic City to manufacture 16 of its leading medicines.
The trading license will also allow the company to consider many other investment projects aimed at advancing the health care goals of the National Transformation Program (NTP 2020), which is the first phase of Vision 2030, spearheaded by the Council of Economic and Development Affairs (CEDA) chaired by Deputy Crown Prince Mohammed bin Salman.
John Young, group president, Pfizer Essential Health, said: “We are honored to be one of the first companies to receive fast-track approval of a trading license.
"This is yet another step in our long-term commitment to the Kingdom and a reflection of our shared commitment, with the government, to provide a continued reliable supply of innovative and essential medicines to Saudi patients.”
He underlined that Pfizer’s obtaining the trading license from the SAGIA demonstrates the shared commitment to developing the Kingdom’s healthcare market.
“Pfizer Inc. has set the standard for quality, safety and value in the discovery, development and manufacture of healthcare products and its global portfolio includes medicines and vaccines as well as many of the world's best-known consumer healthcare products,” said Young.


Saudi fund shells out to help US cellular seafood pioneer

Updated 27 February 2020

Saudi fund shells out to help US cellular seafood pioneer

  • KBW Ventures joins ‘visionary’ $20m backing for San Diego food innovator

JEDDAH: A California innovative food company that produces seafood directly from fish cells is stepping up expansion plans with backing from “visionary investors” including KBW Ventures, the Saudi investment fund founded by Prince Khaled bin Al-Waleed bin Talal.

BlueNalu, based in San Diego, on Wednesday announced the completion of its $20 million Series A round of funding.

The financing will allow the company to develop a pilot production facility in San Diego, expand its worldwide staff, implement strategic alliances for global operations and prepare for its market launch.

The Series A round is co-led by Stray Dog Capital, CPT Capital, New Crop Capital and Clear Current Capital, each of which took part in BlueNalu’s seed round. The company secured $4.5 million in 2018 and has attracted investors from 11 nations so far, demonstrating global interest in the firm’s potential.

New investors include KBW Ventures, which supports innovative companies, such as BlueNalu, that have potential for growth and can sustainably feed the world.

BlueNalu’s A round attracted a significant number of strategic investors offering expertise and infrastructure in supply chain, operations, sales, marketing and distribution.

Strategic investors include global supply chain leaders that will provide guidance and raw material expertise to BlueNalu. These include Nutreco, a global leader in animal nutrition and aquafeed, and Griffith Foods, a global product development partner to the food industry, with expertise in market insights, food science, culinary and sensory optimization.

Strategic investors also include organizations with expertise in operations, sales, and distribution, including Pulmuone, a leader in healthy lifestyle and sustainable food products with distribution in Asia and North America; Sumitomo Corporation of Americas, a global investor and supplier of goods and services, including foods; Rich Products Ventures, the corporate venture arm of Rich Products Corporation, a leading supplier of icings, cakes, pizza, desserts, appetizers and bakery products.

FASTFACTS

• BlueNalu announced the completion of its $20 million Series A round of funding.

• The financing will allow the company to develop a pilot production facility in San Diego, expand its worldwide staff, implement strategic alliances for global operations and prepare for its market launch.

• The company secured $4.5 million in 2018 and has attracted investors from 11 nations so far, demonstrating global interest in the firm’s potential.

“BlueNalu has made considerable progress toward bringing cell-based seafood products to the world,” said Lou Cooperhouse, the company’s president and CEO.

“We have designed and executed a platform technology in which we will ultimately offer a broad array of sustainable cell-based seafood products to consumers, and our team has been extremely focused on implementing systems and processes that will be needed for cost-effective, large-scale production.

“We are thankful to the committed group of visionaries who participated in our earlier financing round and have invested again in this round, and we are eager to form partnerships with these five strategic investors, so that we can launch our cell-based seafood products in nations around the world,” he added.

“BlueNalu has demonstrated global leadership in cell-based seafood, and has the team, expertise, strategy and networks that are key to its success,” said Chuck Laue, co-founder and chair of Stray Dog Capital.

“As global demand for seafood continues to increase, and our supply continues to be compromised, we are excited at the potential for BlueNalu to play a significant role in feeding the planet in the decades to come.”

“BlueNalu has achieved a number of milestones in a short period of time, and we are proud to have backed this company since its origins,” said Chris Kerr, chief investment officer of New Crop Capital.

“We have seen extremely rapid global growth in plant-based foods, and BlueNalu is clearly at the forefront of this next generation of alternative proteins that many are predicting will have considerable growth and significant market penetration in the coming years.

“BlueNalu will offer a sustainable solution to consumers, free of mercury and environmental contaminants that will support the health, sustainability and biodiversity of our ocean. This is clearly a win-win-win for human health, sea life and for our planet,” he said.