CCP approves a mega acquisition in corporate sector allowing Lucky Core to acquire Pfizer

ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved the acquisition of certain assets of M/s. Pfizer Pakistan Limited by M/s. Lucky Core Industries. This acquisition is facilitated by a set of agreements including the Frame Agreement and Asset Purchase Agreements.

The acquisition encompasses several well-known pharmaceutical products and their respective registrations, manufacturing technology, know-how, and associated trademarks for Ansaid, Ponstan, Ponstan Forte, Basoquin, Deltacortril, Lysovit, Corex-D, and Mycitracin.

Lucky Core Industries, a publicly listed company in Pakistan, is engaged in manufacturing various chemicals and pharmaceuticals. The Seller, Pfizer Pakistan Limited, is a public unlisted company that manufactures, imports, and markets pharmaceutical products in Pakistan. Its parent company, M/s. Pfizer Inc., is a publicly listed biopharmaceutical and biotechnology company based in Delaware, USA.

The CCP’s market assessment identified the relevant product markets as ‘Antirheumatic Systemic, Vitamins, Systemic Corticosteroids, Cough & Cold Preparations, Antiprotozoal & Anthelmintic, and Topical Antibacterial & Antivirals’, with the geographic market being Pakistan.

This transaction is classified as a horizontal merger, resulting in a minor increase in the market presence of Lucky Core Industries across the relevant markets. The CCP has determined that the acquisition will not lead to dominance in any market, thus granting swift approval.

This strategic acquisition is poised to enhance the technological advancement in Pakistan’s pharmaceutical sector, fostering innovation and ensuring a competitive market landscape. The CCP’s approval underlines its commitment to upholding fair competition, benefiting consumers, and encouraging growth and investment in the industry.