Karachi July 14 2021: Citi Pharma Limited and CCL Pharma (Private) Limited have executed an agreement to manufacture formulation products on their behalf.
This will lead to enhanced capacity utilization in the company’s Formulation segment. Furthermore, this will lead to addition in the Company’s profitability and net margins over the next 2 to 3 years.
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CCL Pharma (Private) Limited
CCL is a leading regional multinational pharmaceutical company with over 50 years of experience in the pursuit of health and wellbeing. CCL have operations in over 14 countries across South Asia, South East Asia, Central Asia and Africa, CCL offers a vast range of over 200 products in major therapeutic categories.
Citi Pharma Limited
Citi Pharma Limited (CPL, the Company or the Issuer) was incorporated as a private limited company in Pakistan (under the repealed Companies Ordinance, 1984, now Companies Act, 2017) on October 08, 2012. The current sponsors of CPL acquired the business operations of Askari Pharmaceuticals (Private) Limited (APPL) from Army Welfare Trust (AWT) through a Business Sales Agreement (BSA) in 2013. The operations of APPL were transferred into CPL which continued the principal business.
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The principal business of CPL is manufacturing and sale of (i) Active Pharmaceutical Ingredients (APIs) and (ii) Pharmaceutical Formulation. The Company is one of the prominent API manufacturers in Pakistan. The registered office of the Company is situated at 3.5 KM, Head Balloki Road, Phool Nagar, Kasur; while the Head Office is situated at 588 Q Block, Johar Town, Lahore.
CPL is amongst the few current Good Manufacturing Practice (cGMP) compliant companies in Pakistan and has successfully passed 110 audits by pharmaceutical companies for vendor enlistment. It is standard practice for buyers of APIs in Pakistan to visit and audit the API producers before including them in their vendor list to ensure quality of material.
