Pakistan’s pharmaceutical company BF Biosciences Limited (BFBL) has secured approval from the Drug Regulatory Authority of Pakistan (DRAP) for brownfield expansion.

The development was shared by its parent Ferozsons Laboratories Limited in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“We are pleased to inform that BF Biosciences Limited, a subsidiary of Ferozsons Laboratories Limited, has secured approval from the Drug Regulatory Authority of Pakistan (DRAP) for its brownfield expansion (Line II) which includes: pre-filled syringes line; liquid and lyophilized line; and product development section,” read the notice.

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The pharmaceutical informed that the commercial production from pre-filled syringes line has commenced, whereas the liquid and lyophilized line is under internal validation and will start commercial production from the second quarter of FY 2024- 25.

BF Biosciences Limited also shared that it has launched Sematide (Semaglutide) in pre-filled syringe.

“Sematide is the first Glucagon-Like Peptide 1 (GLP1) receptor agonist approved for local manufacture in Pakistan, offering a convenient solution for diabetes management,” informed the company, adding that Sematide is being manufactured at the new state-of-the-art European prefilled syringes line of BF Biosciences Limited.

“Following the launch of Ferulin (Human Insulin), the launch of Sematide (Semaglutide) at an affordable price, marks a significant step in our commitment to stop diabetes.

“We are confident that Ferulin and Sematide will have a positive impact on our subsidiary’s growth and will further strengthen our mission to address unmet patient needs.

BF Biosciences Limited added that that the Securities and Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange (PSX) has approved its listing application.

The company is planning an initial public offering (IPO) at the PSX, aiming to raise at least Rs1.375 billion ($4.94 million) by issuing 25 million shares at a floor price of Rs55 per share.