AstraZeneca partners for drug production in Algeria

Under the patronage of the Algerian Minister of Health, Population and Hospital Reform Abdelmalek Boudiaf, a partnership has been concluded between Anglo-Swedish pharma major AstraZeneca (LSE: AZN) and the two Algerian companies, Salhi and Hasnaoui, for the production of drugs in Algeria.

With the importance of investment reaching $125 million and creating around 104 direct jobs and 231 indirect jobs, AstraZeneca local production will bring a real transfer of technology and know-how in Algeria.

This partnership consists on the creation of a joint venture AstraZeneca Al Djazair under the Algerian law to build a new production unit in Algeria. This commitment, which will generate investments and skilled jobs, is part of the Algerian government strategy to modernize and develop the pharmaceutical sector of the country. The new facility would formulate for the Algerian health care community AstraZeneca medicines from multiple therapy areas: cardiovascular diseases, gastroenterology, oncology and diabetes. Under local laws, the Algerian companies will hold a majority, 51%, stake in the joint venture.