LCI acquires Pfizer’s Karachi manufacturing facility and brands

In a notification sent to PX on 11/05/2024, Lucky Core Industries Limited (LCI) has announced the acquisition of Pfizer’s manufacturing facility and pharmaceuticals in Karachi.

The Board of Directors of Lucky Core Industries Limited (the ‘Company’) 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 assignment 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 authorized the finalization 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 (as applicable). The completion of the transaction will be subject to receipt of necessary approvals and completion of formalities.

LCI shares were last trading at Rs. 795.91 today.