BF Biosciences enters into agreement with Lucky Core Industries

Pakistan’s pharmaceutical company BF Biosciences Limited (BFBL) has entered into a contract manufacturing and supply agreement with Lucky Core Industries Limited (LCI).

The development was shared by Ferozsons Laboratories Limited, the parent company of BFBL, in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“BF Biosciences Limited (BFBL), a subsidiary of Ferozsons Laboratories Limited, has entered into a contract manufacturing and supply agreement with Lucky Core Industries Limited (LCI) for the products ‘Esopase IV 40 mg’ & ‘Etipro IV 40 mg’,” read the notice.

BFBL, a joint venture between Ferozsons Laboratories Limited and Argentina’s Bagó Group, specialises in the import, manufacturing, marketing, and distribution of pharmaceutical products.

Last month, the pharmaceutical company said it has successfully launched a human insulin under the brand name ‘Ferulin’.

The company is planning an initial public offering (IPO) at the PSX, aiming to raise at least Rs1.375 billion ($4.94 million) by issuing 25 million shares at a floor price of Rs55 per share.

The company is also engaged in local manufacturing of hepatitis related medicines (i.e. interferon injections).

In 2020, BFBL executed a non-exclusive license agreement with Gilead Sciences, Inc. for the manufacture and sale of Remdesivir (an anti-viral drug for the treatment of COVID-19 patients) under Gilead’s Global Patient Solutions (GPS) Program.

BFBL successfully produced Remdesivir during the COVID-19 pandemic, contributing approximately Rs2 billion to its topline in FY2021-FY2022.