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.