ISLAMABAD:

The Competition Commission of Pakistan (CCP) has authorised the acquisition of Novartis Pharma (Pakistan) Limited by International Investment Limited (IIL) after completing its phase-I competition assessment under Section 11 of the Competition Act, 2010 and the Competition (Merger Control) Regulations, 2016.

IIL, an investment holding company incorporated in Hong Kong and part of the Getz Group, submitted a pre-merger application to the CCP. The transaction involves the transfer of control of Novartis Pakistan from its existing parent entities, Novartis AG and Novartis Pharma AG, to IIL pursuant to a share purchase agreement.

Novartis Pakistan is a leading pharmaceutical company engaged in the manufacture, import, marketing and distribution of medicines across a wide range of therapeutic classes. The acquisition represents a significant development in Pakistan’s pharmaceutical sector as IIL already maintains a presence in the country through its subsidiaries, Getz Pharma (Private) Limited and Scilife Pharma (Private) Limited.

During the phase-I review, the commission examined whether the transaction could result in the creation or strengthening of a dominant position or otherwise substantially lessen competition in the relevant markets. The CCP defined the relevant markets at the therapeutic class level, given the lack of substitutability across medical categories.