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Celularity and CH Trading Group Announce Product Distribution Agreement with Tamer Group to be the Exclusive Distributor for the Kingdom of Saudi Arabia
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Celularity Inc. has partnered with Tamer Group as the exclusive distributor of its Halal-Certified regenerative biomaterial products in Saudi Arabia. This strategic collaboration aims to enhance public health and support Saudi Arabia's Vision 2030 healthcare objectives. With the global regenerative medicine market projected to reach $37.10 billion by 2030, this distribution agreement is positioned to capitalize on significant market growth. Products are expected to be available in Saudi Arabia in 2023, pending regulatory approval.
Positive
Exclusive distribution agreement with Tamer Group enhances market presence in Saudi Arabia.
Access to the growing regenerative medicine market, projected to reach $37.10 billion by 2030.
Products are aligned with Saudi Arabia's Vision 2030 healthcare innovation goals.
Negative
Dependence on regulatory approval from the Saudi Food and Drug Authority for product availability.
Market entry might face competition from established regional players in regenerative medicine.
Tamer Group will be the exclusive distributor of the Celularity branded biomaterial products in Saudi Arabia, opening access to Celularity’s Halal-Certified regenerative biomaterial, health and wellness products
FLORHAM PARK, N.J. & RIYADH, Saudi Arabia--(BUSINESS WIRE)--
Celularity Inc. (Nasdaq: CELU) (“Celularity”), a U.S.-based biotechnology company developing placental-derived allogenic cell therapies and biomaterial products, and CH Trading Group LLC (“CH Trading Group”), an international import, export and trading company, today announced that they have entered into an exclusive distribution agreement with the Tamer Group (“Tamer”). The Tamer Group, a leading Middle East healthcare distribution company, will be the exclusive distributor for Celularity’s branded regenerative biomaterial products in Saudi Arabia.
“Celularity’s Halal-Certified regenerative biomaterial products enable Tamer to realize our fundamental ambitions of contributing to personal wellness and public health, as well as supporting Saudi Arabia’s Vision 2030 plan for healthcare innovation and development,” said Tamer Group Chairman & Managing Partner, Ayman Tamer.
“We are looking forward to partnering with Celularity and CH Group on this exciting opportunity across Saudi Arabia and providing unprecedented access to these cutting-edge therapeutics to all members of the community,” stated Dr. Yasser Khattab, Tamer Group Healthcare CEO.
According to the most recent analysis by Emergent Research, the worldwide regenerative medicine market was US $9.80 billion in 2021, and is anticipated to grow at a revenue compounded annual growth rate of 15.9% to reach US $37.10 billion in 2030.
“Saudi Arabia is a prime market for Celularity’s commercial regenerative biomaterial products,” said CEO of CH Trading Group, Sayed Zayan. “We are excited to partner with Tamer Group and to be a part of fulfilling their commitment to the development of the Kingdom’s healthcare sector.”
Through the agreement, CH Trading Group will distribute to more than 100 countries that are members of or associated with the following intergovernmental organizations (“Islamic Markets”):
The Organization of Islamic Cooperation, which has 57 member countries on four continents;
The Gulf Cooperation Council,comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates; and
The African Union, which has 55 member countries.
“Today’s announcement marks an important next step in Celularity’s Islamic Markets strategy, to bring our innovative Halal-Certified – under globally recognized Circle H International Inc. standards – regenerative biomaterial products to treat degenerative disease into the Saudi Arabia market,” said Celularity’s CEO, Chairman and Founder, Robert J. Hariri, M.D., Ph.D. “This is an important validation of our unique business model, which creates multiple cellular therapeutics, advanced biomaterials and derivatives from the single source material, and our proprietary manufacturing processes.”
Celularity’s suite of biomaterial products include:
Biovance®, a decellularized, dehydrated human amniotic membrane derived from the placenta of a healthy, full-term pregnancy. Biovance® is an intact, extracellular matrix structure that is indicated for use in the United States as a natural scaffold to support the body’s wound healing process.
Biovance® 3L and Biovance® 3L Ocular, tri-layer human amniotic membrane products focused on the surgical and ocular markets and available in both sheet and disk form.
Interfyl®, a human connective tissue matrix derived from the placenta of a healthy, full-term pregnancy. It is indicated for use in the United States to replace or supplement damaged or inadequate integumental tissue resulting from wounds, trauma, or surgery.
CentaFlex®, a decellularized human placental matrix derived from the umbilical cord that is indicated for use in the United States as a surgical covering, wrap or barrier to protect and support the repair of damaged tissue.
It is anticipated that these biomaterial products are to become available in Saudi Arabia in 2023 following receipt of approval from the Saudi Food and Drug Authority. Tamer is expected to be Celularity’s and CH Group’s local strategic partner for Celularity’s Lifebank business model for placenta and cord blood banking, as well as for a new Serum Banking business and other potential research and development collaborations.
About Celularity
Celularity Inc. (Nasdaq: CELU) headquartered in Florham Park, N.J., is a U.S.-based biotechnology company leading the next evolution in cellular medicine by developing allogeneic cryopreserved off-the-shelf placental-derived cell therapies, including therapeutic programs using unmodified natural killer (NK) cells, genetically modified NK cells, T-cells engineered with a CAR (CAR-T cells), and mesenchymal-like adherent stromal cells (MLASCs). These therapeutic programs target indications in cancer, infectious and degenerative diseases. In addition, Celularity develops and manufactures innovative biomaterials also derived from the postpartum placenta. Celularity believes that by harnessing the placenta’s unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies.
CH Trading Group LLC ("CH Trading") is part of the CH Group family of companies (www.chgroupus.com). CH Group constitutes a diversified conglomerate targeting eight economic "Sectors": healthcare, pharmaceuticals, food, finance, cosmetics, tourism, fashion, media/entertainment. Spanning a variety of multi-national products, services and solutions, its world mission involves connecting, developing and promoting, from Local to Global™ and throughout the world, all aspects of a wholesome, healthy and productive lifestyle.
CH Trading focuses on international import/export and trade, prioritizing the countries of the Organization of Islamic Cooperation (OIC), as well as the Middle East and North Africa (MENA) and Gulf Cooperation Council (GCC) Regions. It has responded to worldwide demands for identifying and securing supply chains by introducing innovative products, including from the US, and developing a robust distribution network for goods.
Tamer Group is a leading healthcare, beauty care, prestige products, fast-moving consumer goods, and third-party logistics company that caters to the Saudi and Middle Eastern communities' rising demands. Importing, distribution, promotion, marketing, and manufacturing are the Group's main businesses.
Tamer Group, based in Jeddah, Saudi Arabia, provides services to many of the world's leading companies through a variety of agreements, partnerships, and joint ventures. Because of its distinctive approach to business, service, and customer portfolio, the company has established a special position in the Saudi market.
This press release includes “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, as well as within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. The forward-looking statements in this press release include express or implied statements regarding the market opportunity for Celularity’s products; growth in the worldwide regenerative biomaterial market; timing of receipt of approvals from regulatory authorities; Celularity’s ability to establish a presence and operate in Saudi Arabia and Islamic Markets, develop opportunities for commercial stage regenerative biomaterial products and investigational products in Saudi Arabia, Islamic Markets and broader global markets, as well as establish its biobanking business in Saudi Arabia and Islamic Markets, among others. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to: the inherent risks in biotechnological development, including with respect to the development of novel cellular therapies, and the clinical trial and regulatory approval process; and risks associated with Celularity’s current liquidity, as well as developments relating to Celularity’s competitors and industry, along with those risk factors set forth under the caption “Risk Factors” in Celularity’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 31, 2022, as amended on July 15, 2022, and other filings with the SEC. These risks and uncertainties may be amplified by current economic situations, including inflation, supply chain issues and overall economic uncertainty. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity’s current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity’s views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
