ICI Pakistan has entered into an agreement with Wyeth Pakistan Limited to acquire its manufacturing facility along with purchasing of its other products consisting of Entox-P, Lederplex, Lederiff and also Pfizer Pakistan Limited’s products namely Citralka and Combatrin. In a disclosure of material information letter filed with the Pakistan Stock Exchange on the 19th of May 2017, ICI declared that they had formally entered into a deal to acquire the assets of Wyeth Pakistan Limited.
In December, it had been reported that ICI had entered into talks with Wyeth Pakistan with regards to finalizing a deal on acquiring its assets and expressed ambitions to expand their footprint and pharmaceutical portfolio. On May 19th, both companies entered into Assets Purchase Agreement for the proposed sale of the assets by the seller at an aggregate purchase price of PKR 1.91b.
At the time of filing this report, ICI Pakistan’s share price on the Pakistan Stock Exchange (PSX) had risen by Rs 45.39 (3.91pc increase) in one hour since the start of trading at 9:30 am. On the other hand Wyeth Pakistan’s Limited, share price has also gone up by Rs 115.15 (4.76pc increase) since the start of trading this morning.