KUALA LUMPUR (March 30): Pharmaniaga Bhd has proposed to distribute its products in the United Arab Emirates (UAE) via a health service provider there.

The group said its wholly-owned subsidiary, Pharmaniaga Manufacturing Bhd (PMB), has entered into a memorandum of understanding (MoU) with Prime Medical Store LLC (PRIME) to grant the UAE firm the exclusive right to register, import, sell and distribute its products in the gulf nation.

PRIME is a subsidiary of Prime Healthcare Group LLC, which was built by Dr Jamil Ahmed, an orthopedic surgeon trained in India and Germany, in partnership with prominent local partners.

Prime Healthcare is one of the UAE’s leading healthcare service providers and well-known brand with a team of over 350 physicians and 1,000 supporting professionals who provide advanced medical care to citizens and residents.

Pharmaniaga said the MoU will remain in force for two years, subject to earlier termination or upon entering into a definitive agreement.

“[The] parties intend to establish a basis of co-operation and collaboration in relation to the commercialisation of PMB’s product in the UAE,” it said.

Pharmaniaga said the collaboration forms part of the its strategy to further expand its global footprints, in line with its vision to increase long term contributions from its international business segment.

“Under the collaboration with PRIME, it will serve as a platform for Pharmaniaga to commercialise its pharmaceutical products in the UAE region, while establishing its presence in other Middle East countries,” it added.

Shares in Pharmaniaga finished 0.68% or half a sen higher at 74 sen on Wednesday (March 30), bringing a market capitalisation of RM969.37 million.