Pakistani pharma Searle to transfer biologic portfolio to Nextar

The Searle Company Limited on Tuesday announced a major restructuring plan aimed at consolidating its biological products business under a dedicated subsidiary, as part of efforts to streamline operations and improve efficiency across the group. The listed pharma shared this development in a notice to the Pakistan Stock Exchange (PSX). The pharma said that its board had approved a proposal to recommend an investment of up to Rs4 billion into the share capital of its indirect subsidiary, Nextar Pharma (Private) Limited. The notice further stated that the investment would be made indirectly through the company’s wholly owned subsidiary, Searle BioSciences (Pvt) Limited, and is intended to facilitate the acquisition of the company’s biological and associated products portfolio.