Celularity expects $60M-$80M in 2023 purchase orders for biomaterial products in Saudi Arabia
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- Celularity (NASDAQ:CELU) is trading 7% higher premarket following an announcement that Farouk, Maamoun Tamer, the exclusive distributor for Celularity's Halal-Certified biomaterial products in the Kingdom of Saudi Arabia, is expected to submit purchase orders ranging from $60M to $80M through the end of 2023.
- Celularity expects to launch product distribution in the Middle East and expand sales in other markets due to its biomaterial inventory and rapidly scalable production capacity.
- On January 2023, Celularity and CH Trading entered into an agreement with Tamer to exclusively distribute Celularity's Halal-Certified branded biomaterial products in the Kingdom of Saudi Arabia.
- The Tamer Group holds the exclusive distribution rights for Celularity's Halal-Certified branded biomaterial products in Saudi Arabia. However, the issuance of purchase orders is subject to receiving regulatory approvals and meeting customary conditions precedent.