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Thursday June 13, 2024

Lucky Core to acquire Pfizer Pakistan’s manufacturing facility

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

By Our Correspondent
May 11, 2024
Photo showing a vial of the coronavirus vaccine along with a syringe, while the logos of pharmaceutical companies Pfizer and BioNTech SE could be seen in the background. — AFP/File
Photo showing a vial of the coronavirus vaccine along with a syringe, while the logos of pharmaceutical companies Pfizer and BioNTech SE could be seen in the background. — AFP/File

KARACHI: Lucky Core Industries Limited has approved the acquisition of Pfizer Pakistan Limited's manufacturing facility in Karachi, the company said in a notice to the Pakistan Stock Exchange (PSX) on Friday.

“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,” the notice said.

This could occur through "either an outright assignment of the trademarks or a perpetual license to use the relevant trademarks, from relevant Pfizer group entities."The Board of Directors also approved the acquisition of certain pharmaceutical products and trademarks associated with those products from Pfizer group entities.

The Board of Directors of LCI has further authorized the finalization and execution (as necessary) of the definitive transaction documents/agreements.The company said the acquisition is subject to necessary approvals and completion of formalities.

The transaction includes the purchase of the manufacturing facility, asset purchase agreements, trademark license agreements, and other ancillary documents.Lucky Core Industries is a diversified chemical company with businesses in polyester, soda ash, chemicals, agri sciences, pharmaceuticals, and animal health.

The company manufactures and trades a range of products including polyester staple fiber, soda ash, general and specialty chemicals, pharmaceuticals, and agricultural products.Earlier this year, the company's subsidiary Lucky Core Ventures terminated a share purchase agreement with Lotte Chemical Corporation for the acquisition of shares in Lotte Chemical Pakistan Limited.