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 on Wednesday.
As per the report, according to a source who spoke on the condition of anonymity, OBS is making slow but steady progress towards buying 12 pharmaceutical brands and a production facility in Lahore for roughly Rs7 billion.
According to the story, which also cited the people, OBS Group has created a new unit that is largely held by employees for the acquisition. The people also stated that the deal might close soon, according to 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.
