SBI Pharmaceuticals Signs MoU with Mumtalakat Holdings
The gulf countries are employing a bevy of tactics to draw multinational firms to the region. Strategic development sovereign wealth funds (SDSWF) are keen on creating local opportunities. Dubai, Doha and Manama have pushed the envelope in constructing financial centers to diversify from the petroleum industry. Manama seeks to attract pharmaceutical companies and be a biotech hub for the region.
SBI Pharmaceuticals Co., Ltd., a subsidiary of Japan-based SBI Holdings, entered into a memorandum of understanding (MoU) with Bahrain’s Mumtalakat Holdings. The purpose of the MoU was to explore the possible creation of a pharmaceutical lab in Bahrain, specifically in the area of 5-aminolevulinic acid (5-ALA) products.
5-aminolevulinic acid is an amino acid created in mitochondria.
SBI Pharmaceuticals is in preparations for a clinical study on diabetes by using 5-ALA in areas in Bahrain. Depending on several factors, SBI Pharmaceuticals may create a biotech manufacturing base in Bahrain. In October 2012, SBI Pharmaceuticals opened a representative office in Bahrain.
On the same day, SBI Pharmaceuticals entered into a contract with Dawani Group Holding, a Bahrain-based corporate group, to create a joint venture for selling 5-ALA products in Bahrain
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