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AGP Limited, a Pakistani pharmaceutical company, has acquired a select portfolio of products from American firm Viatris Inc. through a Special Purpose Vehicle (SPV), a move authorised by AGP’s board last year.

The pharma shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.

“We are pleased to inform you that after securing requisite approvals, AGP Limited, through a SPV- OBS Pakistan (Private) Limited, has successfully acquired a portfolio of certain pharmaceutical brands from Viatris Inc. which are commercialized in Pakistan primarily under the brands previously owned by Pfizer Inc.,” read the notice.

Viatris was formed in 2020 when pharma company Mylan merged with Upjohn, Pfizer’s off-patent medicine division.

AGP said that the portfolio it has acquired include a broad range of anti-depressants, anti- hypertensive and opthalmogoly products.

It said all the brands are well established with high brand equity and strong customer loyalty, including Zoloft, Cardura, Lyrica and Lipitor. The largest brand in the portfolio is Norvasc, which it said has recorded a turnover of Rs1.3 billion during the last 12 months as per a report issued by IQVIA Solutions Pakistan.

Pakistani pharma aims to acquire Sandoz owned brands to enhance share

The acquisition is expected to result in a significant increase in the consolidated revenues of AGP, which is expected to cross Rs20 billion over the next 12 months.

The company said it will also begin in-house manufacturing of the majority of these brands in due course, which will result in “economies of scale, operational synergies, and logistical efficiencies and in turn, maximizing shareholders’ value.”

AGP is a subsidiary of OBS Pakistan and the ultimate parent company is West End 16 Pte Limited- Singapore.

Last year in June, AGP said that its board has authorised it to acquire a select portfolio of products from Viatris Inc. through a SPV. The company had then said the SPV will acquire the brands through an optimal capital structure comprising equity and debt in the ratio of 25:75.

It also said AGP will own up to 85% shareholding in the SPV.

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