Approval given to Lucky Coreto acquire certain Pfizer assets: CCP

KARACHI: Lucky Core Industries has secured approval from the Competition Commission of Pakistan (CCP) to acquire certain assets of Pfizer Pakistan Limited.

This acquisition, facilitated through the frame agreement and asset purchase agreements, includes several prominent pharmaceutical products along with their registrations, manufacturing technology, and associated trademarks.

The assets in question encompass well-known products such as Ansaid, Ponstan, Ponstan Forte, Basoquin, Deltacortril, Lysovit, Corex-D, and Mycitracin.

Lucky Core Industries, a publicly listed company in Pakistan, specializes in manufacturing chemicals and pharmaceuticals.

Pfizer Pakistan Limited, the seller, is a public unlisted company engaged in the production, import, and marketing of pharmaceutical products within Pakistan. Pfizer Pakistan’s parent company, Pfizer Inc, is a major biopharmaceutical and biotechnology firm based in Delaware, USA.

In its market assessment, the CCP identified the relevant product markets as including antirheumatic systemic, vitamins, systemic corticosteroids, cough & cold preparations, antiprotozoal and anthelmintic, and topical antibacterial and antivirals, with the geographic focus being Pakistan.

The transaction, categorized as a horizontal merger, will result in a modest increase in Lucky Core Industries’ market presence across these segments. The CCP concluded that this acquisition will not result in market dominance and thus approved the transaction without delay.

This strategic move is expected to advance technological capabilitieswithin Pakistan’s pharmaceutical sector, promote innovation, and support a competitive market environment.

The CCP’s decision reflects its dedication to maintaining fair competition, benefiting consumers, and fostering growth and investment in the industry.