During the meeting of the Board of Directors of the Searle Company Limited, the management discussed the potential opportunity to invest in or acquire OBS Pakistan (Private) Limited.
According to the notification to the Pakistan Stock Exchange, the Chairman permitted such matter to be discussed as other business. The BoD has authorized the Company to explore the feasibility and viability of potentially investing in or acquiring OBS Pakistan.
Furthermore, the company has also been authorized to appoint advisors, valuators and consultants for evaluating the feasibility, including due diligence and valuation, finalizing the structure, along with preparing necessary documents for the consideration of the board.
According to Bloomberg, OBS Pakistan has alliances with global firms including Merck & Co. allowing it to market and distribute their products in the country. The deal would be the largest in Pakistan’s drug industry if completed, data compiled by Bloomberg shows.
It controls several drug companies in Pakistan including AGP Ltd., which completed an initial public offering last year.
The Searle Company Limited manufactures and sells pharmaceutical and other consumer products in Pakistan, South Asia, East Africa, and South-East Asia. The company operates through Pharma and Consumer segments.