Citi Pharma Limited has secured formal regulatory authorization from the Competition Commission of Pakistan (CCP) to execute a 100% equity acquisition of Pakheim International Pharma (Private) Limited, clearing a major hurdle in a vertical integration strategy designed to drive aggressive revenue scaling and operational consolidation.
The competition regulator formally cleared the transaction through an order dated October 9, 2026, determining that the total market consolidation did not trigger antitrust or systemic competition concerns. Citi Pharma subsequently notified the Pakistan Stock Exchange (PSX) on Monday to comply with Section 96 of the Securities Act, 2015.
“In accordance with Section 96 of the Securities Act, 2015 and the applicable provisions of the Rule Book of Pakistan Stock Exchange Limited, Citi Pharma Limited (“the Company”) hereby informs its shareholders and the general public that the Company has received the order dated October 9, 2026, passed by the Competition Commission of Pakistan (“CCP”) in Case No. 1614/MergerCCP/2026, authorizing the proposed acquisition of 100% shareholding of Pakheim International Pharma (Private) Limited under Section 31(1)(d)(i) of the Competition Act, 2010.”
The buyout will be executed under the structural framework of a “share purchase agreement” originally signed on May 6, 2026. While the exact enterprise valuation of the deal has not been publicly disclosed, Citi Pharma has structured the transaction utilizing a flexible payment schedule extending through December 31, 2026. The acquiring firm intends to finance the entire acquisition directly through its existing operational cash flows rather than securing external corporate debt.
Also Read: Saad Javed Akram Reveals What’s Holding Back Pakistan’s $3bn Pharmaceutical Export Ambition
Citi Pharma aims to aggressively expand Pakheim’s current market footprint. At the time of the initial acquisition announcement in May, Pakheim generated approximately Rs500 million in annual revenue. The parent company projects it will scale this top-line figure tenfold over a five-year horizon.
| Pakheim Financial Target | Valuation |
| Current Annual Revenue | Rs500 million |
| Projected 5-Year Revenue | Rs5 billion |
| Equity Stake Acquired | 100% |
The planned financial scaling relies heavily on injecting capital into Pakheim’s manufacturing facilities, expanding its product portfolio, and widening its existing distribution network. Furthermore, the acquisition acts as a strategic mechanism to capture captive demand for Citi Pharma’s active pharmaceutical ingredients (API) division. By supplying raw chemical materials directly into Pakheim’s manufacturing pipeline, the parent company will generate guaranteed internal API sales and maximize the utilization of its existing production infrastructure.
Citi Pharma, originally incorporated as a private limited entity on October 8, 2012, manufactures and sells pharmaceutical products, medical chemicals, and botanical derivatives. It transitioned into an unlisted public company in October 2020 before executing its initial public offering on the PSX on July 9, 2021.