British pharmaceuticals giant AstraZeneca plc signed Tuesday a deal with private Algerian firms Salhi and Hasnaoui to build a $125 million (112 million euro) plant in the North African country, the partners announced.

The AstraZeneca al-Djazair plant, due to be operational in October, will produce medicines to treat cardiovascular and gastroenterological diseases, as well as cancer and diabetes, a statement added.

The two Algerian companies will hold a combined 51 percent of the venture, and AstraZeneca the balance.

A total of 141 new production facilities are now being built in Algeria, adding to 75 already in existence, according to the health ministry.

Algeria imported 1.9 billion euros worth of pharmaceuticals last year, with local production accounting for 40 percent of the market.
Source: AFP