Last checked at 5 Nov 2020 14:40
RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
5 November 2020
BEXIMCO PHARMACEUTICALS LTD.
Beximco Pharma signs MOU with the Serum Institute of India and the Government of Bangladesh for supply of a COVID-19 vaccine
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, has entered into a Memorandum of Understanding ("MOU") for the supply and distribution of 30 million doses of the Oxford University/AstraZeneca SARS-CoV-2 vaccine, AZD1222, in Bangladesh, subject to regulatory approval*. The MOU, signed with the Serum Institute of India Pvt. Ltd ("SII"), the world's largest vaccine producer, and the Government of Bangladesh ("GOB"), follows the Company's announcement on 28 August 2020 outlining its intention to partner with SII on a COVID-19 vaccine.
Within one month of receipt of regulatory approval* necessary for supplying into Bangladesh, SII, licensed by AstraZeneca to manufacture AZD1222, will commence the delivery of the vaccine to Beximco Pharma with the entire quantity of doses to be delivered within six months. As previously announced, Beximco Pharma is the exclusive distributor of this vaccine in Bangladesh and will be responsible for maintaining the cold chain, import, storage and delivery of the vaccine to GOB warehouses. Under the terms of the MOU, GOB will pay SII for 30 million doses and Beximco Pharma will receive a separate fee for its distribution role. Whilst the terms and costings have not yet been finally determined, the Company believes that this transaction could make a material difference to the Company's results for the year ended 30 June 2021 if delivery of vaccine to GOB is largely completed within the financial year.
It is expected that a formal purchase agreement will be signed within 30 days.
As contemplated in the announcement on 28 August 2020, Beximco Pharma has now also agreed to import a further one million doses of the vaccine from SII for sale and distribution to the private pay market in Bangladesh. The Company may import additional quantities as per demand.
*Subject to either (i) "Prequalification" or "Emergency Use" listing by the World Health Organization, or (ii) "Emergency Use Authorization" by the UK's Medicines & Healthcare products Regulatory Agency (MHRA) or the US Food and Drug Administration (USFDA) and Bangladesh Director General of Drug Administration's permission to import into Bangladesh
Mr. Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals commented:
"We are committed to ensuring access to a COVID-19 vaccine for the people of Bangladesh. Signing this Memorandum of Understanding with the Serum Institute of India and the Government of Bangladesh marks an important step in fulfilling that commitment and securing the supply of the Oxford University /AstraZeneca vaccine for the Country. Our role in this partnership leverages our excellence in logistics and our position as one of the leading pharmaceutical companies in Bangladesh to help bring this promising and hugely important vaccine to the people who need it the most in the Country. We look forward to reporting on our progress in the coming months."
For further information please visit www.beximcopharma.com or enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, ext.20080
S M Rabbur Reza
Chief Operating Officer
Tel: +880 2 58611001, ext. 20111
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555
SP Angel Corporate Finance LLP (Broker)
Vadim Alexandre / Abigail Wayne
Tel: +44 (0) 20 3470 0470
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0)20 3727 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Beximco Pharma is a leading manufacturer and exporter of medicines based in Bangladesh. Since its inception in 1976, the Company remains committed to health and wellbeing of people across all the continents by providing access to contemporary medicines. Company's broad portfolio of generics encompasses diverse delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, insulins, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies.
Beximco Pharma′s state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others and it has a geographic footprint in more than 50 countries. More than 4,200 employees are driving the company towards achieving its aspiration to be among the most admired companies in the world.