Shilpa Medicare Ltd on Thursday announced that its wholly owned subsidiary, Koanna International FZ LLC (UAE), has entered into a definitive agreement with Pharma Pharmaceutical Industries & Biological Products (PPI), a leading Saudi enterprise, to establish a joint venture in the Kingdom of Saudi Arabia.

The JV, with a shareholding ratio of 70:30 between PPI and Koanna, aims to build a new pharmaceutical manufacturing facility in Saudi Arabia. In Phase 1, Koanna will supply finished formulations in bulk, while Phase 2 will involve technology transfer, local manufacturing, and supply of finished formulations in the Saudi market.

As part of the agreement, Shilpa Group will prepare the complete regulatory dossier in line with Saudi Food and Drug Authority (SFDA) requirements and secure necessary market authorizations.

The company said the JV will enhance Shilpa’s global presence and strengthen its foothold in the MENA region.