LIFERA ACQUIRES SAUDIBIO TO SCALE UP LOCAL MANUFACTURING OF INSULIN IN SAUDI ARABIA
- Lifera, a biopharmaceutical company wholly owned by the Public Investment Fund (PIF), acquires a 70% stake in Saudi Biotechnology Manufacturing Co (‘SaudiBio’)
Riyadh, Kingdom of Saudi Arabia – October 10, 2023 – Lifera, a biopharmaceutical company wholly owned by the Public Investment Fund (PIF), today announced the successful completion of its acquisition of a 70% stake in (‘SaudiBio’). The acquisition will scale up SaudiBio’s capacity to manufacture insulin, strengthening its strategic partnership with global partners and contributing to the ongoing growth of Saudi Arabia’s biopharmaceutical industry.
The incorporation of SaudiBio into Lifera’s portfolio marks a significant milestone since its launch in June 2023, underscoring the strategic mission to enhance national resilience through developing, manufacturing, and commercializing essential medicine for the people of Saudi Arabia. This integration will foster technology transfer and continue to cultivate a skilled local biopharmaceutical workforce.
Through this strategic move, Lifera aims to fortify SaudiBio’s capabilities in insulin manufacturing, which has a pre-existing local manufacturing agreement with Novo Nordisk, the world’s largest insulin manufacturer. By localizing biopharmaceutical manufacturing and harnessing the expertise of local delivery specialists, Lifera is committed to ensuring a dependable supply of therapeutics for the benefit of Saudi citizens.
With Lifera’s substantial capital injection, SaudiBio’s manufacturing facilities in Saudi Arabia will be significantly scaled up, fostering increased production of locally available insulin. This strategic global partnership forged through this transformative collaboration will advance best-in-class knowledge transfer, empower and nurture local talent, and ultimately enhance Saudi Arabia’s competitiveness within the sector.
Dr. Ibrahim Aljufalli, Chairman of the Lifera board, said: “Lifera is committed to working with global and local partners to achieve our mission. The acquisition of SaudiBio – and harnessing its existing partnership with Novo Nordisk – marks a major milestone for Lifera. It will result in continued localization of biomanufacturing within the Kingdom. We are very excited about the acquisition and the future growth of SaudiBio, which will benefit from the technology expertise of companies like Novo Nordisk and other global market leaders, creating skilled jobs for local talent and ensuring better access to essential therapeutics for Saudi citizens. With our financial strength and strategic investments locally and internationally, we will contribute to the economic diversification of Saudi Arabia under Vision 2030.”
Faisal Bin Sultan, Executive Director – Salehiya Group and SaudiBio Board Member, said: “We are thrilled to be partnering with Lifera to expand the availability of locally manufactured biologics. Through this partnership, SaudiBio will be better positioned to realize the vision of its founders of localizing the manufacturing of biologics, and improving pharmaceutical security in Saudi Arabia.”
Lifera is a biopharmaceutical company dedicated to advancing Saudi Arabia’s biopharmaceutical sector and building national health resilience. By developing local manufacturing capacity for vaccines, insulin, plasma therapeutics and other biologics, as well as investing in genetic testing and precision medicine, Lifera aims to ensure people in Saudi Arabia have access to reliable and affordable medicines. Lifera will do this through partnerships and investments with leading international and Saudi companies to transfer global expertise and technology to Saudi Arabia. Wholly owned by the Public Investment Fund, Lifera’s differentiated vision and mission make it an ideal partner to build the biopharmaceutical sector in Saudi Arabia. For more information visit www.lifera.com.sa
About Saudi Biotechnology Manufacturing Co.
Saudi Biotechnology Manufacturing Company (SAUDIBIO) is a Saudi Joint Stock Company and was established in 2010 as the first and only insulin manufacturing facility in Saudi Arabia, and one of the leading biopharmaceutical companies in the region. In 2018, SaudiBio signed License and Manufacturing and Supply Agreement with Novo Nordisk to localize manual and mechanical packaging of insulin.
About Salehiya Group
Founded in 1964 with a vision to transform healthcare delivery in the region, the Salehiya Group has played an integral role in the rapid growth of the healthcare industry through innovative, digital and customized logistics and logistical expertise; cold-chain solutions; and a diversified portfolio of pharmaceuticals, medical equipment, patient and consumer care supplies and animal health. Dedicated to elevating healthcare in the Kingdom of Saudi Arabia.