ICI Pakistan Limited Signs Agreements for the Acquisition of Certain Assets of Wyeth Pakistan Limited

May 22, 2017

Lucky Core Industries Limited is pleased to announce that on May 19, 2017, 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 PKR 1.91 billion.

The assets being acquired by Lucky Core Industries 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 transaction is now set to move ahead, subject to requisite regulatory approvals. Chief Executive Lucky Core Industries Limited, Asif Jooma, commented: “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 Lucky Core Industries Limited’s ongoing commitment to growth, expansion, and delivering ever greater value to shareholders and customers.