According to dealtalk, Abbott Laboratories is presently evaluating an asset purchase transaction, whereby, it may acquire certain assets of Johnson & Johnson in Pakistan.
Johnson & Johnson is for sale in Pakistan and Abbott along with Organon Bio Sciences is left in the race for this proposed acquisition.
Sources said that ICI and Pfizer were also in the competition but both the multinationals have now stepped back.
According to Malik Saadatullah, company secretary of Abbott Laboratories Pakistan, the Abbot Group is presently evaluating an asset purchase transaction, whereby, it may acquire certain assets in Pakistan from another entity.
If the proposed acquisition occurred and if the acquiring entity was Abbot Pakistan, then such acquisition is likely to have a minor but positive impact on the business of Abbot Pakistan, which is estimated to be less than 10 percent of Abbot Pakistan’s turnover, he said.
Johnson & Johnson Pakistan (Pvt) Limited has decided to wrap up its operations in Pakistan. The American pharmaceutical giant listed on the New York Stock Exchange is the fifth pharmaceutical multinational to decide to end the operations of its subsidiary in Pakistan in the last few years.
Other multinational pharmaceuticals quitting Pakistan include Bristol-Myers Squibb, Merck Sharp & Dohme Limited (MSD), Searle Pharmaceuticals, and Organon. The reason is Pakistan’s poor economic conditions and the absence of a functional regulatory setup.
According to industry sources, Johnson & Johnson is looking to sell Janssen, its pharmaceutical business, in Pakistan.
This includes all Janssen brands being produced at its manufacturing facility in Karachi’s Korangi industrial area.
Abbott Pakistan is part of the global healthcare corporation of Abbott Laboratories, Chicago, USA.
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