KARACHI: The ICI Pakistan Limited announced on Friday that the company was in discussions to finalise arrangements to acquire the assets of Wyeth Pakistan Limited, a multinational pharmaceutical company operating in Pakistan since 1949. The expected transaction would include acquisition of Wyeth Pakistan Limited’s manufacturing facility located on Hawkes Bay Road, SITE, Karachi, along with a strategic portfolio of brands. The acquisition is subject to completion of due diligence, execution of definitive agreements and receipt of regulatory approvals. The acquisition of these assets would enhance the manufacturing base available to ICI Pakistan Limited, allowing the company to make inroads into the therapeutic areas of gastroenterology, multivitamins, antifungal, antibiotics and urology. This development is the latest in a series of strategic steps taken by ICI Pakistan Limited to expand its pharmaceuticals portfolio and footprint in line with its growth aspirations. Wyeth Pakistan Limited manufactures and markets a range of ethical pharmaceutical products. US-based global pharmaceutical company Pfizer Inc is the ultimate parent of Wyeth Pakistan Limited. ICI Pakistan Limited Chief Executive Asif Jooma said, “This development reaffirms ICI Pakistan Limited’s commitment to growth and value creation for all stakeholders. In keeping with our brand promise, cultivating growth, this acquisition will allow us to expand our presence in the pharmaceuticals space, whilst continuing to improve the lives of patients across Pakistan.” Wyeth Pakistan Company Secretary S M Wajeeudin said, “The board of directors decided that the company should sell the manufacturing facility of the Company located at Hawkes Bay Road, .SITE, Karachi along with transfer of certain non-core products of the company, subject to approval of the shareholders of the Company and all regulatory approvals.” In this regard the board of directors further authorised the company to finalise the consideration and other terms of the asset sale transaction, including the definitive Transaction agreement(s) with ICI Pakistan Limited, who has shown interest in pursuing the asset sale transaction with the company, he added. ICI Pakistan posted unconsolidated profit after tax for the first quarter of the new financial year at Rs 617 million which is 30 percent higher than the same period last year mainly on the back of improved performance of the polyester and life sciences businesses. ICI, while expanding its footprint with its own manufacturing base for pharmaceutical products, has also approved the acquisition of 100% percent shareholding of Cirin Pharmaceuticals Private Limited, a local pharmaceutical manufacturing company, this year. Meanwhile, ICI Pakistan has also joined hands with Morinaga Milk Industry Company Limited of Japan and Unibrands Private Limited this year in a bid to set up a facility in Pakistan to manufacture Morinaga infant formula products.