MADRID (Reuters) – Spanish pharmaceutical company Grifols said on Tuesday it had signed a non-binding agreement with Saudi Arabia’s sovereign wealth fund to help the country produce blood plasma-derived medicines.

Barcelona-based Grifols and the Public Investment Fund (PIF) have agreed in principle to create a joint venture that will develop plasma collection centres and production facilities, including a fractionation and a purification facility in Saudi Arabia, Grifols said.

No financial details or stakes in the planned joint venture were given.

Grifols will provide knowledge and intellectual property, and will also supply plasma medicines to Saudi Arabia until the joint venture becomes capable of producing them.

(Reporting by Emma Pinedo, editing by Andrei Khalip and David Evans)