CCP authorises IIL’s takeover of Novartis Pakistan

In a major development for the country’s pharma sector, the Competition Commission of Pakistan (CCP) has authorised the acquisition of Novartis Pharma (Pakistan) Limited (Novartis Pakistan) by International Investment II Limited (IIL), the commission said on Saturday. The approval comes after the CCP completed its phase-I competition assessment under Section 11 of the Competition Act, 2010, and the Competition (Merger Control) Regulations, 2016, read a statement. 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 (SPA).