Shilpa Medicare's subsidiary forms Saudi joint venture for pharma facility

Shilpa Medicare Limited announced that its wholly-owned subsidiary, Koanna International FZ LLC (Koanna), has entered into a definitive agreement with Pharma Pharmaceutical Industries & Biological Products (PPI) to form a new joint venture (JV) company in Saudi Arabia. This JV aims to build a new pharma manufacturing facility in the region. The JV ratio is set at 70:30, with PPI Saudi Arabia and Koanna International FZ LLC as partners.

The scope of the JV includes the supply of finished formulations in bulk form during Phase 1, followed by the creation of a local manufacturing facility in Saudi Arabia and the supply of finished formulation products in the Saudi market during Phase 2. Koanna will undertake technology transfer for manufacturing formulations, while Shilpa Group will prepare regulatory dossiers and lead market authorization.

This strategic partnership is expected to strengthen Shilpa’s global presence and consolidate its footprint in the MENA region. PPI is not considered a related party to Shilpa Medicare Limited or Koanna.