Pharmacare Premium is to invest €10 million on a new plant in Malta, employing 120 people within three years, Finance Minister Tonio Fenech said this morning.

The new project will be a joint venture between Pharmacare Ltd Europe and Pharmagroup Ltd.

Mr Fenech said this will be the first pharmaceutical company which will have a Maltese shareholding.

The new factory will be located at Hal Far. The €10 million investment will include plant, research and development.

The company is to target markets in the Middle East. Europe, the United States and North Africa.

Mr Fenech praised Malta Enterprise for its crucial role in attracting this investment to Malta and guaranteeing its loans. This showed, the minister said, that despite the international economic situation, Malta was still able to attract high profile investment

Pharmacare Europe, is a subsidiary of Pharmacare Plc, a Palestinian company. The majority shareholding is owned by the Wirtz family owners of Grunenthal Germany.

Pharmacare is dedicated to the manufacture of ethical generic pharmaceutical products. The company achieved EU cGMP certification in January 2008 and the first export shipment to Germany was in June 2008. Grünenthal Gmbh is an independent, family-owned, research-based pharmaceutical company based in Aachen and operating internationally.

The PharmaGroup brings together two Maltese registered companies; Pharmatrade Ltd and Aldox Limited. Both companies have extensive experience in the import/Export, market penetration, marketing, sales and distribution of pharmaceutical products.

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