Laboratorio de ProductosÉticos® and Cevomed Limited have signed a letter of intent with Malta Enterprise for the allocation of industrial space to set up a pharmaceutical manufacturing business in Malta under the name of Cetic Pharmaceuticals.

The total sum invested in this project is expected to amount to €15 million over a three-year period, and is expected to create over 60 new jobs.

Laboratorio de ProductosÉticos® is a Paraguay-based company manufacturing cutting-edge pharmaceutical products, while Cevomed Limited is an international pharmaceutical distribution company which has offices in both Malta and London.

With Cetic Pharmaceuticals, they will be engaged principally in the manufacture of ophthalmic preparations and packaging facilities, and aiming to target the ophthalmic and nasal spray markets in the MEA-CIS region.

Minister for the Economy, Investment and Small Businesses Chris Cardona said Malta has a record of good quality and regulatory excellence in the pharmaceutical industry. The sector contributes to 5.2 per cent of the total full-time employment in the manufacturing sector and has generated more than €200 million in exports during the first months of 2017.