The Egyptian International Pharmaceutical Industries Company – EIPICO announced on Wednesday that it has obtained the Egyptian Drug Authority’s (EDA) approval to produce the anti-COVID drug ‘Covapravir’ and will possibly begin production sometime before mid-January 2022.
EIPICO explained that manufacturing will commence under the supervision of the EDA, noting that production of Covapravir will take place using the unutilised capacities of the company.
The drug is expected to be available in the Egyptian market towards the beginning of March 2022, pending the completion of all the necessary procedures.
According to EIPICO, the EDA and Unified Medical Procurement Authority will manage the sales and distribution of the drug. Pricing, target sales, and margins will be revealed once they are available.
EIPICO is currently trading at 2022f P/E of 7.1x and EV/EBITDA of 5.2x.