BF Biosciences Limited, a Pakistani pharmaceutical company, has announced a change at the top, with founding Chief Executive Officer (CEO) Akhter Khalid Waheed set to step down on December 31, 2025, and Chief Operating Officer (COO) Muhammad Farhan Rafique appointed as the company’s new chief executive, effective January 1, 2026.
The pharmaceutical disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
According to the notice, Akhter Khalid Waheed, Founding Chairperson and CEO of BF Biosciences Limited, has decided to step down from her role, effective December 31, 2025.
The Board of Directors, in its emergent meeting held on December 19, 2025, formally accepted her resignation. “Under her stewardship, BF Biosciences evolved into a recognised name in Pakistan’s pharmaceutical sector, marked by sustained growth, operational excellence, and strategic expansion,” read a statement.
Following the recommendation of the HR & Remuneration Committee, the board has approved the appointment of Muhammad Farhan Rafique as CEO, effective January 1, 2026.
According to a statement, Rafique has been associated with BF Biosciences Limited as COO, where he played a pivotal role in executing key strategic initiatives.
“His contributions include leading the company’s brownfield expansion, supporting a successful initial public offering (IPO), and driving digital transformation projects across operations,” read the statement.
With over 14 years of experience in the pharmaceutical industry, Rafique has held various leadership roles.
“The board expressed confidence that Rafique’s appointment will ensure continuity of leadership and further strengthen the company’s growth trajectory, while building on the strong foundation laid by its founding CEO.
“BF Biosciences Limited remains committed to advancing healthcare solutions, strengthening its market presence, and creating long-term value for its stakeholders,” it added.