Spimaco acquired a 48% stake in Eirgen Pharma
24 March 2012: Saudi Pharmaceutical Industries and Medical Appliances Corp (Spimaco) has acquired a 48% stake in, Waterford based, EirGen Pharma for €19m ($25m). The Saudi Arabian company, based in Riyadh, is one of the largest pharmaceutical companies in the Middle East. This investment will allow Eirgen to scale up significantly and will help the company accelerate its product development programme in the field of oncology.
EirGen currently employs 50 people in Waterford. The Enterprise Ireland-supported company was founded in 2005 by Mr Patsy Carney and Tom Brennan, who had both worked in the pharmaceutical industry. Using its purpose built high containment facility; the company specialises in the development, registration and manufacture of high potency solid dose products for global markets.