Lucky Core Industries Limited (LCI), previously known as ICI Pakistan Limited, has completed the acquisition of a manufacturing facility owned by Pfizer Pakistan Limited in Karachi alongside certain assets.
The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“This is further to out letters … in relation to the acquisition of a manufacturing facility owned by Pfizer Pakistan Limited, located at B2 SITE Karachi along with the acquisition of products and product registrations consisting of: (1) Ansaid; (2) Ponstan; (3) Ponstan Forte; (4) Basoquin; (5) Deltacortril; (6) Lysovit; (7) Corex-D and (8) Mycitracin; and trademarks associated with the said pharmaceutical products (either through an outright assignment of trademarks or a perpetual license to use the relevant trademarks) from relevant Pfizer group entities.
“We are pleased to inform you that the aforementioned asset acquisition has successfully been completed on September 06, 2024 in accordance with the Asset Purchase Agreements entered into between the parties,” read the notice.
LCI signs agreements for acquisition of certain assets of Pfizer
Pfizer Pakistan Limited is a public unlisted company that manufactures, imports, and markets pharmaceutical products in Pakistan. Its parent company, M/s. Pfizer Inc., is a publicly listed biopharmaceutical and biotechnology company based in Delaware, USA.
Meanwhile, LCI is a listed company engaged in five diverse businesses: polyester, soda ash, chemicals & agri sciences, pharmaceuticals and animal health.
The company manufactures and trades in a wide range of products including polyester staple fibre (PSF), soda ash, general and specialty chemicals, pharmaceuticals, nutraceuticals, animal health products and agricultural products.
Last month, the Competition Commission of Pakistan (CCP) approved the acquisition of certain assets of Pfizer Pakistan Limited by LCI.
The acquisition was classified as a horizontal merger, resulting in a minor increase in the market presence of Lucky Core Industries across the relevant markets.
The CCP determined that the acquisition will not lead to dominance in any market, thus granting swift approval.
Comments