Spimaco Jumps in Riyadh After Buying Stake in Irish Drugmaker

Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO) jumped the most in three weeks after the company known as Spimaco acquired a strategic stake in an Irish drugmaker.

The shares rose as much as 3 percent, the biggest intraday increase since March 4, and traded at 48 riyals at 1:44 p.m. in Riyadh.

The Riyadh-based company said it bought a 48 percent stake in Ireland’s EirGen Pharma for 19 million euros ($25 million), according to a statement to the Saudi bourse today.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net