Rameda to Start Producing COVID-19 Pill💊

Local Pickup🌇

Rameda to Start Producing COVID-19 Pill💊

Rameda (RMDA) announced it will start production of the antiviral drug “Molnupiravir Rameda” after it obtained the necessary licenses from the Egyptian Drug Authority (EDA).

More on Molnupiravir💊 Molnupiravir is an antiviral drug approved for the treatment of adult infections with COVID-19. The pill was co-developed by U.S. pharmaceutical giant Merck & Co.

Pfizer had also announced that it is in discussions with 90 countries over supply contracts for its own pill, Paxlovid.

More Details🧐 Rameda is coordinating its production plans with the EDA & the Ministry of Health to ensure that market needs for this drug are met in a timely manner.

The first batch is expected before the end of Q1-2022 at a price of EGP 625/package, with each package containing 40 capsules & a concentration of 200 mg/capsule. 

Why is this Important🤔 The addition of Molnupiravir to Rameda’s portfolio will result in an expansion of its share in the fast-growing antiviral market. Rameda’s antiviral drugs contributed 12% to its total revenue during the first nine months of 2021.

RMDA closed 5.53% in the green in yesterday’s trading session.

Egyptian-Foreign Consortium Targets Listing First SPAC on EGX🤝

Head of the Capital Market Department at Zulficar & Partners Law Firm Anwar Zeidan revealed that an Egyptian-foreign consortium is looking to list the first special purpose acquisition company (SPAC) on the EGX within a few weeks. 

For a refresher on what it takes to set up a SPAC in Egypt, click here.

More Details🧐 The consortium submitted an application to the FRA to obtain the license for a Venture Capital firm, along with a request to establish the first “SPAC” company in the Egyptian market.

Zeidan added that the SPAC’s initial capital will be EGP 10 million, which is the minimum required capital to set up a SPAC. 

Why is this Important🤔 It’s been over two months since the FRA approved the establishment of SPACs. While it is new territory for both the FRA & those considering establishing a SPAC, the first SPAC-to-be is sure to pave the way for more to come.

Nahr Elkhair Releases Prospectus📑

Nahr Elkhair (KRDI) has released its prospectus ahead of the start of trading, which is yet to be announced.

Details of the Listing🧐

  • Two billion shares will be listed at a par value of EGP 0.10/share & a fair value of EGP 0.25/share, according to independent financial advisor Osoul Arabia Financial Consultants.
  • A free float up to 61.5% of KRDI’s total capital.
  • KRDI will skip the IPO process as it has met the minimum percentage of shares to be listed as well as a minimum number of shareholders.

What else is Clapping👏

  • IPOs for Armed Forces Companies to Begin this Year, Says FRA Chairman

  • Misr Fertilizers MOPCO (MFPC) Submits Documents to Amend its Main Activities

  • Lawsuits Against Speed Medical (SPMD) Postponed to February 21st, 2022

Global Pickup🌎

Walmart Plans to Enter the Metaverse with a Bang💥

Walmart (NYSE: WMT), the largest private employer in the U.S., looks set to take up its own corner in the metaverse, following the likes of MetaNike, Microsoft, & others.

 

More Details🧐 Walmart filed several trademarks on December 30th, 2021, showing its intent to make & sell virtual goods, ranging from electronics, home decorations, toys, sporting goods & personal care products. 

In a separate filing, Walmart revealed plans to create its own cryptocurrency & non-fungible token (NFT) collection.

Why is this Important🤔 Walmart is “continuously exploring how emerging technologies may shape future shopping experiences,” according to a statement.

Walmart’s online sales thrived in 2021, with sales at $11.1 billion in its third quarter, which could prove useful for the retail giant’s metaverse plans.

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