KARACHI: Lucky Core Industries Limited (LCI) has announced finalization of the acquisition of a manufacturing facility from Pfizer Pakistan Limited in Karachi, along with various associated assets.
The development was confirmed by the LCI, previously known as ICI Pakistan Limited, in a notice issued to the Pakistan Stock Exchange (PSX).
As per the notice, LCI has acquired Pfizer’s manufacturing facility at B2 SITE Karachi, along with its products and product registrations, including Ansaid, Ponstan, Ponstan Forte, Basoquin, Deltacortril, Lysovit, Corex-D and Mycitracin.
LCI has also secured the trademarks for these pharmaceutical products, either through outright assignment or perpetual licenses from Pfizer group entities. The transaction, concluded on September 6, 2024, was formalised under Asset Purchase Agreements.
Pfizer Pakistan Limited, a public unlisted company, specialises in the manufacture, import, and marketing of pharmaceutical products within Pakistan. Its parent company, Pfizer Inc., is a global biopharmaceutical and biotechnology firm headquartered in Delaware, USA.
LCI, a publicly listed entity, operates across diverse sectors including polyester, soda ash, chemicals & agri-sciences, pharmaceuticals, and animal health. Its product portfolio features polyester staple fibre (PSF), soda ash, specialty chemicals, pharmaceuticals, nutraceuticals, animal health products, and agricultural solutions.
The Competition Commission of Pakistan (CCP) had granted approval for LCI’s acquisition of certain Pfizer assets last month. The CCP classified the deal as a horizontal merger, noting only a slight increase in LCI’s market share, with no risk of market dominance, thereby facilitating a swift approval.