KARACHI: ICI Pakistan is considering the potential acquisition of certain assets of Wyeth Pakistan representing the life science business portfolio, a stock notice said on Friday.

The acquisition is subject to the completion of due diligence, execution of definitive agreements and receipt of regulatory approvals.

Pharmaceutical firm Wyeth also disclosed the same information in a separate notice. “The board decided that the company should sell the manufacturing facility of the company located at Hawks Bay Road, SITE, Karachi, along with the transfer of certain non-core products of the company, subject to the approval of shareholders and regulatory approvals of the asset sale transaction,” it said.

Wyeth said the board had authorised the company to finalise the consideration and other terms of the asset sales transaction, including definitive transaction agreements with ICI Pakistan, which had shown interest in pursuing the transaction.

Earlier on Tuesday, ICI and Wyeth had told the Pakistan Stock Exchange (PSX) in separate filings about the potential transaction, but neither of the two companies disclosed the name of other party.

An official of ICI said the names were withheld on Tuesday as some matters were yet to be finalised.

The stock price of Wyeth recorded the highest gain on Friday amounting to Rs235.55 and closed at Rs4,946.62. The ICI stock was up Rs38.52 and ended at Rs962.96.

Published in Dawn December 10th, 2016