EIPICO establishes new pharmaceutical firm

The Egyptian International Pharmaceuticals (EIPICO) announced on Sunday the formation of Arab API for the manufacture of active and inactive raw materials, intermediates, concentrates, chemicals, and necessary additives for pharmaceutical raw materials , according to the company’s disclosure to the Egyptian Exchange.

The new company is a joint venture between EIPICO, ACDIMA, and the Suez Canal Economic Zone for Investment, with an initial paid-up capital of 10 million Egyptian pounds ($324,456).

The new company aligns with EIPICO’s plans to deepen and localise the Egyptian pharmaceutical industry. The estimated investment for the first phase of the anticipated facility is approximately $101 million, with an additional $60 million earmarked for the second phase, according to EIPICO’s statement.

The project will be located in the industrial zone of Ain Sokhna, covering an area of 85,000 square metres.

The construction of the first phase is expected to commence within the current year, with an anticipated duration of around 32 months.