ICI acquires pharma facility, brands for Rs1.9bnArchive
KARACHI: ICI Pakistan Ltd has executed an asset purchase agreement with Wyeth Pakistan Ltd and Pfizer Pakistan Ltd for the acquisition of certain assets at the aggregate purchase price of Rs1.91 billion.
ICI stated in a stock notice on Monday that the agreement was signed on May 19 under which the company will acquire a Wyeth-owned pharmaceutical manufacturing facility located on Hawkesbay Road in Karachi along with the following pharmaceutical brands: Entox-P, Lederplex, Lederiff, Mucaine, Nilstat, Tri-Hemic and Wymox.
Two other products with registrations of Pfizer in the acquisition deal are Citralka and Combatrin.
ICI, which is part of the Yunus Brothers Group, stated that the transaction is subject to requisite regulatory approvals.
“The acquisition of these assets holds great value for us. We expect to substantially strengthen our manufacturing capability and diversify our product portfolio, ultimately offering the medical community and patients a wider range of quality pharmaceuticals and treatment options to improve lives,” ICI CEO Asif Jomma said in a statement.
Published in Dawn, May 23rd, 2017