Neopharma to Invest $100 Million-Plus in New Manufacturing PlantBy
Neopharma, a pharmaceutical company headquartered in Abu Dhabi, United Arab Emirates (UAE), has confirmed feasibility plans for a second production facility in Abu Dhabi, at an estimated cost of $100 million-plus. Additional land has been acquired at the Kizad Industrial Zone in UAE with the total capacity of the company’s two facilities totaling 160,000 square meters.
The investment follows Neopharma’s recent acquisition of a pharmaceutical manufacturing facility factory in Japan,as well as the technical know-how to produce a pre-diabetes dietary supplement. The company is currently in the midst of clinical trials in the US to get supplement approved for the management of Type 2 diabetes.
The plant was bought for Dh100 million ($27.2 million) while Dh265 million ($72 million) was spent on the acquisition of patents and licenses. An additional Dh515 million ($140 million) will go into clinical studies.
The company is also working on a possible generic drug production facility in Saudi Arabia.