TVM Capital Healthcare said it has invested USD 35 mn in Riyadh-based pharma manufacturer Boston Oncology Arabia, according to a statement. The investment will go towards accelerating Boston Oncology’s transition to “full formulation and fill and finish manufacturing” at its local production hub at Sudair Industrial City. TVM will also provide strategic support and expand the company’s access to international suppliers through its global network.

What’s TVM? The firm is a healthcare-focused private equity investor with offices in Dubai and Singapore that — interestingly — invests in both MENA and Southeast Asia. The firm’s strategy is the partner with management teams to build “national champions,” but it will also work with European and North American firms looking to expand into SEA and MEA. TVM has offices in Riyadh — where it has been operating since 2015 — and Ho Chi Minh City as well as supporting offices in Munich and Boston.

TVM Capital just closed a fund to invest in Saudi healthcare: The private equity firm closedlast month a dedicated healthcare fund targeting Saudi, raising USD 250 mn from investors led by the Public Investment Fund’s Jada Fund of Funds and other investors. Its new investment vehicle is named Afiyah Fund.

In TVM’s pipeline: Investments in Baraya Extended Care, a Riyadh-based long-term rehabilitation clinics chain; DEBx Medical, a Dutch med-tech and chronic-wound drugmaker looking to enter the Saudi market; and NeuroCare Group, a German company specialized in mental health services eyeing an expansion into the region, among others.

What they said: “We are proud to back Boston Oncology Arabia in bringing the highest quality, affordable, and locally manufactured generics and biosimilar drugs to the Kingdom. In addition to supporting their local manufacturing expansion plans, we look forward to further strengthening their licensing relationships in Europe and the US with our well-established international networks,” TVM Capital Healthcare Chairman and CEO Helmut Schuehsler said.

What’s Boston Oncology Arabia? Boston Oncology is a bio-generic drugs manufacturing company that focuses on developing and manufacturing specialty drugs including generics and biosimilars. It saw its first biosimilar product registered with the Saudi Food and Drug Authority (Sfda) for local manufacturing in 2020, with 44 products pending Sfda’s approval as of early 2022, according to its website. Its manufacturing facility has an annual vial capacity of over 30 mn units.

POLICY BACKGROUND- Crown Prince and Prime Minister Mohammed bin Salman launched earlier this year the National Biotechnology Strategy under a bid to position the Kingdom as a regional and global biotech player. The strategy focuses on the localization of vaccines, bio-manufacturing, genomics and plant optimization. It is expected to contribute SAR 130 bn to non-oil GDP by 2040.

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