ICI Pakistan Limited is in discussions to finalise arrangements to acquire the assets of Wyeth Pakistan Limited, a multinational pharmaceutical company operating in Pakistan since 1949. This development is the latest in a series of strategic steps taken by ICI Pakistan Limited to expand its pharmaceuticals portfolio and footprint in line with its growth aspirations.
Wyeth Pakistan Limited manufactures and markets a range of ethical pharmaceutical products. US-based global pharmaceutical company Pfizer Inc is the ultimate parent of Wyeth Pakistan Limited. The expected transaction will include acquisition of Wyeth Pakistan Limited manufacturing facility located on Hawkes Bay Road, SITE, Karachi, along with a strategic portfolio of brands. The acquisition is subject to completion of due diligence, execution of definitive agreements and receipt of regulatory approvals.
Acquisition of these assets will enhance the manufacturing base available to the ICI Pakistan Limited. Thus, the ICI will be able to make inroads into the therapeutic areas of gastroenterology, multivitamins, anti-fungal, antibiotics and urology.
Chief Executive, ICI Pakistan Limited, Asif Jooma has commented that this development reaffirmed the commitment of the ICI Pakistan Limited to growth and value-creation for all stakeholders. In keeping with ICI brand promise, Cultivating Growth, this acquisition will allow ICI to expand presence in the pharmaceuticals space, whilst continuing to improve the lives of patients across Pakistan, he said.
ICI Pakistan Limited a leading Pakistan-based manufacturing and trading company consisting of four diverse Businesses: Polyester, Soda Ash, Chemicals and Life Sciences. The Company manufactures and trades in a wide range of products including: polyester staple fibre (PSF), soda ash, general and specialty chemicals, toll-manufactured pharmaceuticals, animal health products and agricultural products (including chemicals, field crop seeds, vegetable seeds and more). The Company also has a management stake in the infant milk formula business under the name of NutriCo Pakistan Private Limited. ICI Pakistan Limited is part of Yunus Brothers Group (YBG), one of the fastest-growing and most progressive Pakistani conglomerates with a wide portfolio of businesses including, but not limited to: cement, textiles, power generation and commodity trading.-PR
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