CPHL joint venture expanding API production in Pakistan

In an notification sent to PSX on Citi Pharma Ltd (CPHL) announced about a new venture for pharmaceutical innovation.

Citi Pharma Limited has formed a joint venture named ETACI LIMITED with Hangzhou Newsea Technology Co., Ltd to expand API production in Pakistan. This venture aims to add 30 new APIs to Citi Pharma’s existing portfolio of 20, reflecting their commitment to innovation and growth in response to healthcare demands. Citi Pharma retains a controlling interest of 65% in ETACI LIMITED, with Hangzhou Newsea holding 35%. The partnership seeks to reduce reliance on imports, improve cost efficiency, and strengthen the supply chain. Projected annual turnover exceeds PKR 15,000 million, with anticipated gross profits of PKR 4,500 million. This initiative aligns with Citi Pharma’s vision for 2030, emphasizing self-reliance in API production to bolster Pakistan’s pharmaceutical industry and contribute to economic development.

The shares of CPHL were last trading at Rs.29.39 today.