AGP to acquire select portfolio of products from Viatris Inc
- Board authorises company to participate in process through SPV
The board has authorised AGP Limited to acquire a select portfolio of products from Viatris Inc. through a Special Purpose Vehicle (SPV) named OBS Pakistan Pvt Limited.
In a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday, AGP stated; “The Board of Directors, in its meeting held on June 14, 2022, has authorized AGP Limited to participate through a Special Purpose Vehicle (SPV) named OBS Pakistan (Private) Limited which has been recently incorporated by its parent company, Aitkenstuart Pakistan (Private) Limited for the purpose of acquisition of a selected portfolio of products from Viatris Inc. which are commercialized in Pakistan primarily under the brands previously owned by Pfizer Inc.”
AGP Limited says it has acquired 22 pharma brands from Sandoz AG
AGP informed that the portfolio comprises a variety of products including, a broad range of anti-depressants and anti-hypertensive products.
Meanwhile, the notice stated that the SPV will acquire the brands through an optimal capital structure comprising equity and debt in the ratio of 25:75.
AGP will own up to 85% shareholding in the SPV, it added.
The AGP notice added that the acquisition of these brands would increase its market share, bring operational and logistical synergies, enhance the product portfolio, and increase the company's revenues and profitability.
“The acquisition is expected to add over Rs4 billion in the consolidated topline of the company within 12 months from the closing of the transaction,” it said, while adding that the acquisition will also improve value proposition for its stakeholders.
Pakistani pharma aims to acquire Sandoz owned brands to enhance share
The company informed that the acquisition is subject to necessary regulatory approvals.
AGP said that its board has authorised its top management to take all necessary steps to implement and execute the proposed transaction.
“The board has further authorized the management to convene the extraordinary general meeting in due course of time for the purposes of seeking approval from the Shareholders of the Company in respect of the proposed transaction."
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