ICI Pakistan Ltd. has announced signing of transaction agreements for the purchase of a manufacturing facility owned by Wyeth Pakistan Limited local at SITE Karachi.
According to material and information sent to Pakistan Stock Exchange today. this also included the acquisition of Wyeth’s products and registrations, namely Entox-P, Lederplex, Lederrif, Mucaine, Nilstat, Tri-Hemic and Wymoc and products and registration of Pfizer Pakistan Limited, namely Citralka and Combatrin, subject to all regulatory approvals.
ICI Pakistan Ltd. has acquired certain 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.
The company announced that ICI Pakistan Ltd. (as the Purchaser) and each of Wyeth , Pfizer Pakistan Ltd, Pfizer Inc and Wyeth LLC (as Sellers) have entered into the Asset Purchase agreement as of May 19,2017, recording terms and conditions for the proposed sale of the assets by the sellers and its acquisition by the purchaser, at an aggregate purchase price of Rs 1.91 billion.
The completion of the transaction in the APAs will remain subject to satisfaction of conditions precedent and regulatory approvals specified therein.
Wyeth Pakistan Limited manufactures and markets a range of ethical pharmaceutical products. US-based global pharmaceutical company Pfizer Inc. is the ultimate majority shareholder of Wyeth Pakistan Limited.
In December 2016 Chief Executive, ICI Pakistan Limited, Asif Jooma commented regarding the purchase of Wyeth’s manufacturing facility:
This development reaffirms ICI Pakistan Limited’s commitment to growth and value creation for all stakeholders. In keeping with our brand promise, Cultivating Growth, this acquisition will allow us to expand our presence in the pharmaceuticals space, whilst continuing to improve the lives of patients across Pakistan.
Resultantly, ICI script gained more than 4.34% and Wyeth also gained 5%, which made it hit the upper cap limit on Monday in the KSE100 index.