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Announcement Detail	The Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has established new subsidiary named as SPIMACO Bio as part of its strategic direction to expand into high value-added pharmaceutical sectors, including biological, gene, and cell therapies. This step is in line with SPIMACO’s strategy to strengthen its presence in the biopharmaceutical industry through portfolio diversification and sustainable business growth. The establishment of SPIMACO Bio also supports national objectives by contributing to the localization of advanced pharmaceutical industries, facilitating the transfer of state of the art knowledge and technologies to the Kingdom, and enhancing local content within this vital sector. There is no material financial impact resulting from the establishment of the subsidiary at this stage. Any material financial impact, if any, will be disclosed in the future. SPIMACO Bio will commence its operations after completing all required regulatory requirements and obtaining the necessary approvals from the authorities.

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Explanation

Announcement Detail

The Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has established new subsidiary named as SPIMACO Bio as part of its strategic direction to expand into high value-added pharmaceutical sectors, including biological, gene, and cell therapies.

This step is in line with SPIMACO’s strategy to strengthen its presence in the biopharmaceutical industry through portfolio diversification and sustainable business growth. The establishment of SPIMACO Bio also supports national objectives by contributing to the localization of advanced pharmaceutical industries, facilitating the transfer of state of the art knowledge and technologies to the Kingdom, and enhancing local content within this vital sector.

There is no material financial impact resulting from the establishment of the subsidiary at this stage. Any material financial impact, if any, will be disclosed in the future.

SPIMACO Bio will commence its operations after completing all required regulatory requirements and obtaining the necessary approvals from the authorities.

The Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) announces the establishment of a fully owned subsidiary, SPIMACO Bio, specialized in the development and manufacturing of biopharmaceutical products.