EirGen Pharma announces Eur 19m investment by Saudi based pharmaceutical company
EirGen Pharma, the Waterford based specialty pharmaceutical company, announced today that it has reached and signed agreements with Saudi Pharmaceutical Industries & Medical Appliances Corporation ("SPIMACO"), for the acquisition of a minority stake of EirGen Pharma Limited ("EirGen") for an aggregate cash consideration of Eur 19 million.
The acquisition of this strategic stake in EirGen is part of Spimaco`s strategic initiatives to maximize the value-creation to its shareholders through further increasing its exposure to sophisticated and high-value added products as well as the redeployment and optimization of its capital resources.
EirGen is a fast growing and innovative specialty pharmaceutical company based in Waterford engaged in the development, licensing and manufacturing of high potency cytotoxic pharmaceutical products for the global healthcare market.
The equity injection from the transaction will allow EirGen to fuel and accelerate its new product developments for global markets and to increase its manufacturing capabilities.
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EirGen Pharma is a pharmaceutical company based in Waterford, Ireland. Using its purpose built high containment facility; the company specialises in the development, registration and manufacture of high potency solid dose products for global markets.