Islamabad: In a significant development within Pakistan’s pharmaceutical sector, the Competition Commission of Pakistan (CCP) has granted approval for Lucky Core Industries to acquire specific assets of Pfizer Pakistan Limited, a move that is poised to reshape local market dynamics.

According to Competition Commission of Pakistan announcement issued on 03 August 2024, the approved transaction includes the transfer of several high-profile pharmaceutical products like Ansaid, Ponstan, and Corex-D, along with their registrations, manufacturing technology, trademarks, and know-how from Pfizer Pakistan to Lucky Core Industries. Lucky Core Industries, a publicly listed entity known for its diversified portfolio in chemicals and pharmaceuticals, will enhance its market footprint through this acquisition.

The assets involved in the transaction are governed by agreements such as the Frame Agreement and Asset Purchase Agreements for both plant and product assets. This deal marks a critical horizontal merger in the pharmaceutical field, identified by the CCP as involving markets such as antirheumatics, vitamins, and systemic corticosteroids, among others.

The CCP’s thorough market assessment concluded that the acquisition will result in only a minor increase in market concentration, without leading to market dominance by Lucky Core Industries. This assessment ensured the transaction’s swift approval, underlining the CCP’s role in fostering a competitive and innovative market environment. This strategic shift is expected to bring technological advancements and robust growth in Pakistan’s pharmaceutical landscape, benefiting consumers and encouraging further investments in the sector.