PAKISTAN – The Searle Company Limited, one of the leading pharmaceutical companies in Pakistan, has officially denied rumours circulating on social media, regarding its alleged interest in acquiring a 51% stake in Abbott Laboratories.
The company advised the public and its stakeholders to disregard unverified claims and rely solely on official announcements made through the Pakistan Stock Exchange (PSX) or other approved communication channels.
“We refer to the recent news circulating in various media platforms (WhatsApp) alleging that The Searle Company Limited has shown interest in acquiring a 51% stake in Abbott Laboratories,” Searle Company said.
We categorically deny this claim and wish to clarify that no such discussions, negotiations, or interest have been initiated by the Company in relation to Abbott Laboratories or any acquisition of its stake.”
The Searle Company Limited’s Board of Directors has decided to sell its entire shareholding in Searle Pakistan Limited (SPL), previously named OBS Pakistan Limited, amounting to approximately 90.61% of SPL’s issued and paid-up share capital.
The buyer is a consortium led by IJARA Capital Partners Limited (ICPL) through its Private Equity & Venture Capital Fund. The sale is contingent on finalizing the terms, meeting conditions precedent, and securing necessary corporate, third-party, and regulatory approvals, including shareholder consent.
On May 15, 2024, the BoD authorized the management to negotiate and finalize the deal terms with the relevant parties and submit the finalized terms for the consideration of the Board. In May 2019, SEARL announced that it was acquiring OBS Pakistan Limited.
The company is principally engaged in manufacturing pharmaceuticals and other consumer products. International Brands (Private) Limited is the Parent Company, which holds 56.32% shareholding in the company.
In 2023, SEARL announced that it has earned approval from the UAE ministry, and registered its manufacturing facility in the Middle Eastern country.
The company announced the development in its notice to the Pakistan Stock Exchange (PSX). The company informed that it is expanding rapidly in several regions of the world including South Asia, Southeast Asia, Africa, Francophone Africa, GCC, Commonwealth of Independent States (CIS), Canada, Europe and Latin America (EU&LATAM) etc.
“Searle Company Limited proudly announces that the Ministry of Health and Prevention, United Arab Emirates has approved and registered the manufacturing site of the company,” it said.
Incorporated in Pakistan as a private limited company in 1965, Searle was later converted into a public limited company. The principal activity of the company is the manufacturing and sale of pharmaceutical, consumer health, and nutritional products.