Riyadh - Sharikat Mubasher: Ashmore Investment Saudi Arabia signed the first investment agreement under its Industrial Initiative to acquire a minority stake in Pharco KSA, the Saudi subsidiary of Pharco Pharmaceuticals, through a primary capital increase.
The agreement, signed during the PIF Private Sector Forum, aims to advance the localization of high-quality pharmaceutical manufacturing, strengthen medicine security, and reduce reliance on imports, aligning with Vision 2030 healthcare and industrial transformation objectives, the company announced in a press release yesterday.
This investment will fuel Pharco KSA’s expansion in the Kingdom and accelerate the construction and commissioning of an advanced pharmaceutical manufacturing facility spanning around 62,000 square meters in Al Madinah Industrial City.
The facility is designed to manufacture solid oral dosage forms and injectables, with built-in flexibility and ample room to expand into additional dosage forms over time. Initial production will focus on high-demand chronic and primary care treatments, including cardiovascular, diabetes, and respiratory therapies, as well as a broader portfolio of essential medicines.
Ahmed Al-Mohaisen, CEO and Managing Director of Ashmore Investment Saudi Arabia, said: “This investment reflects our long-standing conviction in the Kingdom’s industrial sector and its strong growth potential, particularly in areas that enhance local content and domestic manufacturing.”
He noted that the partnership with Pharco, with SIC as anchor investor in the initiative, provides critical access to the Kingdom’s industrial ecosystem to deliver sustainable, long-term impact.
For his part, Sherine Helmy, Chairman of Pharco Corporation, commented: “Saudi Arabia is a core focus market for Pharco, underpinned by more than three decades of consistent medicine supply to the Kingdom. The capital increase from Ashmore represents the next phase of our commitment, accelerating local pharmaceutical manufacturing and strengthening medicine supply in line with Saudi Arabia’s Vision 2030 objectives.”
It should be mentioned that EFG Hermes acted as the sole financial advisor on the transaction.