Riyadh – Mubasher: Al Hammadi Company for Development and Investment on Sunday announced extending a memorandum of understanding (MoU) with Sudair Pharma Company for acquiring an equity stake in the latter's pharmaceutical manufacturing complex.
The MoU was firstly inked on 22 April for the acquisition of a key stake with the same conditions until 31 August, according to the Al Hammadi Company’s statement to the Saudi Stock Exchange (Tadawul).
The investment company will announce any further developments related to the transaction.
For its first stage, Sudair Pharma’s complex houses a cancer drug manufacturing plant, which is deemed the largest specialised pharmaceutical project in the manufacturing of cancer treatments in the Kingdom.
In April, the company noted that the MoU would end on 21 June 2018 and might be extended for another term based on mutual agreement between the two Saudi firms.
