Sanofi-Aventis Pakistan, a pharmaceutical company, has decided to change its name to Hoechst Pakistan Limited.

It shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“We would like to inform you that the Board of Directors of the company, in its meeting held on August 08, 2023, has considered, and approved to change the name of the company from ‘Sanofi — Aventis Pakistan Limited’ to ‘Hoechst Pakistan Limited’,” read a notice.

The change is subject to applicable corporate and regulatory approvals and completion of necessary legal formalities under applicable laws.

“This proposed change of name will not have any impact on the principal line of business of the company and is being carried out in accordance with the terms of Share Purchase Agreement executed between Sanofi Foreign Participations B.V (Sanofi) and an Investor Consortium comprising of Packages Limited, IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group,” read the notice.

Back in April, an investor consortium led by Packages Limited acquired the entire 52.87% shareholding held by Sanofi Foreign Participants B. V. in Sanofi-Aventis Pakistan Limited from Sanofi Foreign Participants B.V.

Incorporated in 1967, Sanofi-Aventis Pakistan started manufacturing pharmaceuticals and specialty chemicals in 1972 and went public in 1977.

The company’s state-of-the-art manufacturing site was established in Karachi in 1972. It manufactures diversified products ranging from oral solids and liquid dosage to highly sophisticated sterile products.