Biocon, on Tuesday, announced a partnership with a Saudi Arabia-based pharmaceutical firm Tabuk pharmaceutical, to commercialize selected specialty products in the Middle East.
As per the agreement, Tabuk Pharmaceuticals will hold the marketing authority for these drugs and will be responsible for registering, importing, and promoting them in Saudi Arabia and other Middle-Eastern nations. As part of the out-licensing deal with Tabuk, Biocon will develop and manufacture the products, and Tabuk will commercialize them.
“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.Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd.
ThePresident of Astra Industrial Group, Mohammed Alhagbani 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 localizing speciality and value-added pharmaceutical products. As an innovation-led company, we are driven by our purpose to enhance global healthcare through high-quality, affordable biopharmaceuticals. We are leveraging advanced science, innovative tech platforms and international research collaborations to develop therapies that can lower treatment costs, increase access and improve healthcare outcomes”.
“We are excited at Tabuk to partner with an innovation-led company like Biocon to commercialize difficult to make products that builds on our strategy to expand our specialty 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.”.Wisam Alkhatib, Vice President of Strategy and Business Development of Tabuk Pharmaceuticals
The association would pave the way for Biocon to expand into the Middle Eastern region and will be another significant milestone for the company, demonstrating the company’s dedication to providing inexpensive drugs to patients all over the world by building a robust global portfolio of goods, either directly or through strategic alliances.