Searle subsidiary signs MoUs to manufacture biological products for Martin Dow Marker, Atco

The Searle Company Limited has announced that its indirect subsidiary, Nextar Pharma (Private) Limited, has entered into separate in-principle agreements with Martin Dow Marker Limited and Atco Laboratories Limited for the potential manufacture of biological products at its production facility.

In a notice submitted to the Pakistan Stock Exchange (PSX), the company said Nextar Pharma, which is in the process of changing its name to Searle Biopharma (Private) Limited, signed a memorandum of understanding with Martin Dow Marker Limited for the manufacturing of certain biological products.

The company stated that the arrangement, once operational, is expected to contribute positively to the subsidiary’s future profitability.

Searle further disclosed that Nextar Pharma has also signed an in-principle agreement with Atco Laboratories Limited for the potential manufacture of selected biological products at the same facility.

According to the notice, the agreement with Atco Laboratories remains subject to the finalisation of commercial terms. Once implemented, it is also expected to strengthen the subsidiary’s financial performance.