EIPICO, partners to launch EGP 10M pharmaceuticals firm
Updated 1/21/2024 10:07:00 AMArab Finance: The Egyptian International Pharmaceutical Industries Company (EIPICO), in cooperation with the Arab Company for Drug Industries and Medical Appliances (ACDIMA) and the Suez Canal Economic Zone (SCZONE), has finished the incorporation procedures of the pharmaceuticals firm Arab API, a filing showed.
Arab API is an Egyptian joint stock company, with a seed paid-up capital of EGP 10 million.
The new firm aims to manufacture active and inactive raw materials, intermediates, concentrates, chemicals, and additives needed for the raw materials.
It will be set up in the Ain Sokhna Industrial Zone on an 85,000-square-meter area.
The first phase of the project will be established with investments estimated at $101 million, while the second phase will be set up with $60 million in investments.
The construction works of the first phase are expected to start in 2024 for around 32 months.
It was reported in October that EIPICO was planning to get a loan of around $70 million from QNB Alahli and Banque du Caire to finance EIPICO 3 factory for the manufacturing of biopharmaceuticals and biosimilars.
Founded in 1980, EIPICO is an Egypt-based public shareholding company that operates in the pharmaceutical industry. It is a manufacturer and exporter of pharmaceuticals and holds license agreements with a group of international.
Related News
