A Greek pharmaceutical company will be hiring sacked Arrow Pharm workers who lost their jobs following a company restructuring exercise last month.

PharOS will also be taking over Arrow Pharm's Ħal Far factory and equipment and is expected to be operational by the middle of the year, the Economy Ministry said in a statement on Saturday morning. 

The privately-owned firm was established in Greece in 2002 and develops pharmaceutical products including generics, sources Active Pharmaceutical Ingredients and provides regulatory and business development consulting services. 

According to its website, it has launched 29 products with a further 30 being developed or registered. 

The company will initially be manufacturing finished dosage form pharmaceutical products at the Ħal Far facility, with the intention of eventually extending its activities to other niche areas within the production of pharmaceuticals.

It will take over Arrow Pharm's Ħal Far building, equipment and human resources, after the Actavis-owned firm announced it would be letting go of 110 workers as part of a restructuring exercise put into place following a mother company takeover. 

PharOS parnter Theodore Panagopoulos said the company was pleased with its decision to expand to Malta. 

“We have identified Malta as an opportunity due to the fact that manufacturing of solid dosage pharmaceutical forms complements our research and product development activities and thus will enable us to grow vertically, consolidate, and increase our operations globally”, he said. 

Economy Minister Chris Cardona said the arrival of PharOS in Malta would "complement Malta's pharma portfolio" and was "another important investment" in the sector.