Cairo-based Minapharm Pharmaceuticals on Monday announced plans to inaugurate two plants in Germany and Egypt by late 2018 and early 2020, respectively. The two plants aim to manufacture genetic engineering drugs.
The two plants are estimated to cost €125 million ($155.5 million) or around 3 billion Egyptian pounds, Minapharm’s deputy chairperson Dina Soliman said.
The new plants are part of Minapharm’s strategy to expand into manufacturing genetic engineering drugs through its headquarters in Cairo and Berlin, Soliman added.
The new plant in Egypt will have a production capacity that cover the needs of both Egyptian and Middle Eastern markets, she said. The anticipated German plant will see covering the needs of Europe, U.S., and Far East markets.
“We are studying alternative funding mechanisms, which include Egyptian and foreign entities who showed interest to invest in our two projects.” Soliman said.