In a significant development in Pakistan’s pharmaceutical sector, the Board of Directors of Lucky Core Industries Limited have approved the purchase of a manufacturing facility owned by Pfizer Pakistan Limited along with the acquisition of certain pharmaceutical products, and the trademarks associated with the said products.
LCI shared this development through a notice to the Pakistan Stock Exchange (PSX) on Friday in accordance with Sections 96 and 131 of the Securities Act, 2015 and the relevant provisions of the Rule Book of the Pakistan Stock Exchange Limited.
“The Board of Directors of Lucky Core Industries Limited have approved the purchase of a manufacturing facility owned by Pfizer Pakistan Limited located at B2 SITE Karachi, along with the acquisition of certain pharmaceutical products, and the acquisition of trademarks associated with the said pharmaceutical products (either through an outright purchase of the trademarks or a perpetual license to use the relevant trademarks) from relevant Pfizer group entities.”
The Board of Directors of the Company have further authorised the finalisation and execution (as necessary) of the definitive transaction documents/agreements including the Asset Purchase Agreements, Trademark License Agreement and all ancillary documents forming part of the transaction with Pfizer Pakistan Limited and/or its group entities, read the notice.
The completion of the transaction will be subject to receipt of necessary approvals and completion of formalities.
