Pakistani healthcare firm OBS Group is moving ahead with plans to acquire German pharma giant Bayer AG’s pharmaceutical assets in the country, reported Bloomberg, citing people familiar with the matter.

As per the report, a person on a condition of anonymity said OBS is inching forward to purchase a manufacturing facility in Lahore and 12 pharmaceutical brands for about Rs7 billion.

OBS Group has incorporated a new unit that is partially owned by employees for the acquisition, the report added, citing the people. The transaction could close in the coming days, the people said, added the report.

Last week, Bayer Pakistan rebuffed reports of the company’s exit from Pakistan.

However, it did say it is “analyzing which of its manufacturing activities may no longer be of strategic focus going forward” in order to “strengthen the competitiveness of its manufacturing capabilities and support the transformation of its pharmaceutical business to deliver long-term, sustainable business growth.”

As part of this strategic review, it said it intends to transfer selected assets - its pharmaceutical and consumer health manufacturing plant based in Lahore, as well as selected brands from the pharmaceuticals and consumer health portfolios - to an international diversified company with a strong presence.

Moreover, the German pharma said that impacted Bayer Pakistan employees will be transferred to the acquirer with a two-year job guarantee, comparable compensation and special bonuses.

“There have been no layoffs as part of this transaction. Impacted employees have already signed offer letters issued by the acquirer,” it added.

Meanwhile, the Bloomberg report on Wednesday said that Bayer representatives have declined to comment on the name of the buyer or size of the transaction. “Representatives for OBS didn’t respond to requests for comment,” it said.