ICI Pakistan Limited is in discussions to finalise arrangements to acquire 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.
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.
The expected transaction will include acquisition of Wyeth Pakistan Limited’s manufacturing facility located on Hawkes Bay Road, SITE, Karachi, along with a strategic portfolio of brands. The acquisition is subject to completion of due diligence, execution of definitive agreements and receipt of regulatory approvals.
Acquisition of these assets will enhance the manufacturing base available to ICI Pakistan Limited, allowing the Company to make inroads into the therapeutic areas of gastroenterology, multivitamins, antifungals, antibiotics and urology. Chief Executive, ICI Pakistan Limited, Asif Jooma commented: “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.”Download