ICI Pakistan Signs Agreements Acquisition of Certain Assets of Wyeth Pakistan

ICI Pakistan Limited has announced that on Monday the Company executed Asset Purchase Agreements with Wyeth Pakistan Limited and Pfizer Pakistan Limited, for the acquisition of certain assets at the aggregate purchase price of Rs. 1.91 billion.

A statement here said that the assets being acquired by ICI Pakistan Limited through this transaction include a Wyeth Pakistan Limited-owned pharmaceutical manufacturing facility located on Hawkes Bay Road, SITE, in Karachi, along with products and registrations including the following popular and well-established pharmaceutical brands: Entox-P, Lederplex, Lederrif, Mucaine, Nilstat, TriHEMIC and Wymox.

In addition, two products and registrations of Pfizer Pakistan Limited are also included in the acquisition, namely: Citralka and Combantrin, the statement added.

It said that the transaction is now set to move ahead, subject to requisite regulatory approvals.

Chief Executive ICI Pakistan Limited, Asif Jooma, commented that the acquisition of these assets holds great value for us as a Company. Through it, we expect to substantially strengthen our manufacturing capability and diversify our product portfolio, ultimately offering the medical community and patients a wider range of quality pharmaceuticals and treatment options to improve lives.

It all comes down to fulfilling our promise of Cultivating Growth in everything that we do.

In line with the Chief Executive's remarks, this latest development is indeed further evidence of ICI Pakistan Limited's ongoing commitment to growth, expansion, and delivering ever greater value to shareholders and customers, the statement further pointed out.