The management of the Searle Company Limited, during a meeting of the board of directors, discussed the potential of acquiring OBS Pakistan (Private) Limited.
As per a notification to the Pakistan Stock Exchange, the Chairman allowed such matter to be discussed as other business. The board of directors have given the authority to the company for exploring the possibility and potential of investing in or acquiring OBS Pakistan.
Additionally, the company has also been given the authorization to hire valuators, consultants and advisors for analysing the feasibility which includes the valuation and due diligence, the structure, alongside preparing mandatory documents for the board’s consideration.
As per Bloomberg, OBS Pakistan has a partnership with global companies like Merck Co. permitting it to market and distribute their products in the country. The deal would be the largest one in the drug industry of Pakistan if completed, as per the data revealed by Bloomberg.
OBS Pakistan controls many drug companies including AGP Ltd., which completed an initial public offering last year.
The Searle Company Limited manufactures and sells consumer and pharmaceutical products in the Pakistani market, South Asia, South-East Asia and East Africa. The company runs via Pharma and Consumer segments.