KARACHI: The Wyeth Pakistan Limited, a manufacturer of healthcare and pharmaceutical products, entered into an asset purchase agreement with Siza (Private) Limited-Lakson Group Company, for divestment of its another non-core product, Anne French. The USA based pharmaceutical firm announced Tuesday it sold its product Anne French and inked a deal with Lakson Group Company. It sold Anne French to Siza for Rs 165 million. The company informed its shareholders through stock filing that the Siza (Private) Limited (a Lakson Group Company) as purchaser and Wyeth Pakistan Limited as seller has entered into the Asset Purchase Agreement (APA) on June 19, 2017. The completion of the transaction contemplated in the APAs will remain subject to satisfaction of conditions precedent and approvals specified therein. Earlier, Wyeth Pakistan Limited had informed Pakistan Stock Exchange that board of Directors at their meeting held on June 22, 2016 approved the divestment of Anne French product. This consumer product does not constitute material part of the business of the company and does not represent a major line of business for the company. It is considered appropriate to divest the Anne French product. Also, the company sold out its manufacturing facility, located at 8-33, Hawkes Bay Road, S.I.T.E. Karachi, along with Wyeth’s non-core products and registrations, consisting of Entox-P; Lederplex; Lederrif; Mucaine; Nilstat; Tri-Hemic; and Wymox, and (ii) Pfizer Pakistan Limited’s products and registration, namely Citralka and Combantrin to ICI Pakistan Limited. The Wyeth, Pfizer Pakistan Limited, Pfizer Inc. had entered into the Asset Purchase Agreements with ICI Pakistan on May 19, 2017. The Wyeth soldout its assets to ICI APlksitan for Rs 1.91 billion (of which Rs 1.68 billion is attributable to Wyeth Pakistan Limited). Wyeth Pakistan Limited is a public limited company incorporated in 1949 in Pakistan. The company is engaged in manufacturing and marketing of research based ethical specialties and other pharmaceutical products. With effect from October 15, 2009 Pfizer Inc. has acquired WYETH LLC, USA. Accordingly Pfizer Inc. USA has become the ultimate parent USA of the company however, Wyeth LLC, USA continues to be the principal shareholder of the company. Published in Daily Times, June 21st, 2017.