“Gulf Investment Corporation” participates in the capital increase of “Sudair Pharmaceuticals Company” The first plant of its kind in the Middle East region for generic oncology drugsgickw
Riyadh, 29-03-2017: Gulf Investment Corporation which is based in Kuwait announced that it has successfully completed acquisition of a significant minority stake in “Sudair Pharmaceuticals Company” – the owner and the developer of Sudair Specialized Pharmaceuticals Complex. The plan of the company is to set-up a specialized pharmaceuticals complex in a phased manner focusing on high-end generic drugs for cancer treatment in Phase 1 of the complex. The plant is the first of its kind in the Middle East which will serve the region with the latest pharmaceutical technologies.
Mr. Mohammad Abdulaziz Al-Fares, Head of Diversified Projects Division – Gulf Investment Corporation, said: “In line with the strategy of Gulf Investment Corporation to invest in the Healthcare and pharmaceutical sector, the corporation has entered as a major investor with a stake of 35% of the share capital of Sudair Pharmaceuticals Company, which will enhance the role of the corporation in the development of the specialized pharmaceutical industries sector in the region. In addition, this type of vital investments will effectively contribute to the support of drug security by providing these products of a sensitive nature to a critical segment of patients at competitive prices in accordance with the highest international standards”.
Dr. Yasser Al-Obaida, Board Member and CEO of Sudair Pharmaceuticals Company commented: “This investment is part of the company’s plan to build and attract partnerships of a strategic nature that will open new horizons for further nationalization. In addition, the company will qualify and train a number of national cadres in these specialized pharmaceutical industries in line with the 2030 vision developed by the Kingdom”.
Gulf Investment Corporation – Background
Gulf Investment Corporation is one of the leading regional financial institutions and is equally owned by the governments of the six member states of Gulf Cooperation Council with a credit rating of (A2 from Moody’s Agency and A- from Fitch Credit Rating Agency). Gulf Investment Corporation was established in 1983 with the aim of developing the role of the private sector and supporting the economic development in the Gulf Cooperation Council countries. It has invested in more than 50 projects in the region in various and diversified sectors in partnership with institutions from private and government sectors. In the Kingdom of Saudi Arabia, the corporation has participated in vital projects such as Shuqaiq Water & Electricity Company, Al Jubail Water & Electricity Company, Bituminous Products Company (BITUMAT), Virgin Mobile Company Middle East and Africa which operates mobile virtual networks, The National Titanium Dioxide Company (CRISTAL) the third largest company in the world for production of Titanium Dioxide, in addition to National Industrialization Company (TASNEE).
Sudair Pharmaceutical Company – Background
A limited liability company which has launched the first pharmaceutical project of its kind in the Kingdom to manufacture both oral and intravenous cancer treatments to meet the needs of the national and Gulf markets in particular, in addition to secure the growing needs of the specialized pharmaceutical industries sector.