SPIMACO greenlights $53.33 mln cancer treatment project

Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) gave the go-ahead on Wednesday to produce medicines for the treatment of cancer, with an estimated cost of $53.33 million (SAR 200 million).

The medical facility, which will produce pills and capsules, is part of SPIMACO’s factory in Qassim Province. The approval came during the company’s board of directors meeting.

SPIMACO expects the project to be completed within 24 months, adding that a feasibility study will determine the time frame and final costs. The company expects to finance the plant from its internal funds, as well as through loans from banks and the Saudi Industrial Development Fund.

The project is part of SPIMACO’s efforts to invest in new medicines. It also comes as part of a deal signed with Eirgen Pharma that grants the company the right to produce oncology-related medicines using Eirgen’s formulas.