Lucky Core Industries acquires Pfizer’s Karachi facility

MG News | May 10, 2024 at 09:42 AM GMT+05:00

0:00

May 10, 2024 (MLN): The Board of Directors of Lucky Core Industries Limited (PSX: LCI) has approved the purchase of a manufacturing facility owned by Pfizer Pakistan Limited located at B2 SITE Karachi.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

Moreover, the Board has approved the acquisition of certain pharmaceutical products, and the acquisition of trademarks associated with the said pharmaceutical products.

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 notice reads.

The Board of Directors of LCI has further authorized the finalization and execution (as necessary) of the definitive transaction documents/agreements.

These include 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.

The completion of the transaction will be subject to receipt of necessary approvals and completion of formalities, the company said.

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