Biocon Limited, a global biopharmaceutical company, announced a partnership with Tabuk Pharmaceutical Manufacturing Company, a fully-owned subsidiary of Astra Industrial Group, to commercialise select speciality products in the Middle East
Astra Industrial Group is one of the leading pharmaceutical companies in the Middle East and North Africa (MENA).
Under the terms of the agreement, Tabuk Pharmaceuticals will hold the marketing authorisation for these products and will be responsible to register, import, and promote them in Saudi Arabia and other Middle Eastern countries.
The partnership will help pave the way for Biocon’s expansion into the MENA region to include Saudi Arabia, UAE, Kuwait, Qatar, Oman and Iraq, in addition to Jordan and Lebanon. As part of the out-licensing deal with Tabuk, Biocon will develop and manufacture the products, and Tabuk will be responsible for commercialising them.
Siddharth Mittal, CEO and managing director, Biocon Ltd, said, “Our partnership with Tabuk Pharmaceuticals is another significant step as we continue to expand our global presence with our portfolio of high quality, vertically-integrated generic formulations, to address unmet medical needs. We are extremely pleased to collaborate with Tabuk, whose deep expertise will help us build a solid foundation in key Middle East markets.”
Mohammed Alhagbani, president of Astra Industrial Group, commented, “As part of our role and mission at Tabuk Pharmaceuticals to deliver unique health solutions and enhance the well-being of people in Saudi Arabia and countries we operate in, our partnership with as distinguished and renowned a company as Biocon, comes in as an evident choice to further support our mission in line with Saudi Vision 2030, regarding localising speciality and value-added pharmaceutical products.”
Wisam Alkhatib, vice president of strategy and business development of Tabuk Pharmaceuticals added, “We are excited at Tabuk to partner with an innovation-led company like Biocon to commercialise difficult to make products that build on our strategy to expand our speciality business and reinforces our leading position in the region. Our aspiration is to be the partner of choice to Biocon in the region and consider further collaboration with a rich pipeline of products.”