HPL plans long-term benefits for shareholders with new acquisition

In a notification sent to the PSX on 11/06/2024, Hoechst Pakistan Limited (HPL) announced the acquisition of products from Sanofi affiliates.

The Board of Directors of Hoechst Pakistan Limited (the Company), in its meeting held today, has accorded its approval to finalize the commercial and legal terms for the acquisition of certain products along with associated trademarks from Sanofi affiliates under transfer and assignment agreement(s) (Proposed Transaction). The Proposed Transaction will be executed subject to applicable regulatory approvals, execution of transaction documents and completion of legal formalities.

At present, these products are being marketed/manufactured by the Company under licensing arrangements with Sanofi. The Board of Directors believe that the Proposed Transaction will be beneficial for the shareholders of the Company in the long run.

The company has emphasized that the Proposed Transaction will be subject to regulatory approvals and the execution of necessary transaction documents and legal formalities. The Board believes that this acquisition will benefit the shareholders in the long term.

HPL shares were last trading at Rs 1500 today.