SPIMACO, Altos Biologics sign deal to produce, market ALT-L9 in 16 key markets

Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) 

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) signed a partnership agreement with Altos Biologics, a subsidiary of South Korea's Alteogen Inc., to produce and market the ALT-L9 product, a biosimilar alternative to Aflibercept, in 16 key markets in the Middle East and North Africa (MENA) region, including Saudi Arabia.

According to a statement to Tadawul, the agreement spans 10 years with automatic annual renewal, representing approximately 2.51% of SPIMACO's revenues for 2023.

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SPIMACO will have exclusive marketing and distribution rights for ALT-L9, handling local manufacturing in Saudi Arabia and obtaining regulatory approvals across MENA markets as the marketing license holder.

The company emphasized that this agreement will significantly expand its portfolio in injectable drugs and biosimilars, enhancing its leading position in the regional pharmaceutical market by offering innovative products and facilitating rapid access to essential treatments. This expansion is expected to bolster SPIMACO's global footprint and open new avenues for international growth.

The strategic move aligns with Saudi Vision 2030 goals of developing and localizing pharmaceutical production to meet societal therapeutic needs. Additionally, it is in line with both the National Biotechnology Strategy and National Strategy for Industry launched in recent years within the Kingdom.

SPIMACO noted that the current financial impact cannot be measured precisely at this stage but anticipates positive future effects, indicating that it will announce significant developments in due course.

ALT-L9 is used to treat age-related macular degeneration (AMD), diabetic macular edema, and macular vein occlusion through intraocular injections, addressing limited therapeutic options available for these conditions.