KARACHI: Germany’s Merck Group has executed a binding contract to divest its shareholding in Pakistan to Martin Dow Ltd, a leading pharmaceutical company in Pakistan.

The companies have also agreed on long-term agreements whereby the business in Pakistan will have access to Merck healthcare and life science portfolios, ensuring continued supply of its products to its patients and customers, according to a press release issued by Merck.

Under the new owners, Merck Pakistan would continue to operate as a separate legal entity with the same employees.

No operations will be shut down and there will be no lay-offs as a result of this transaction. Martin Dow has also agreed on a two-year job guarantee for all permanent and contractual employees. Merck will pay its workers a welcome bonus at closing. The company has more than 1,000 employees.

Merck’s healthcare and life science products continue to be available to patients and customers in Pakistan.

The Marker family, the founder of the business, will remain a shareholder along with Martin Dow.

“We intend to build Merck’s outstanding record in Pakistan further and protect employees rights in the same manner as has been prevalent all these years in Merck,” Jawed Akhai, chairman of Martin Dow, said.

Simon Sturge, chief operating officer of Merck’s healthcare business, said the divestiture was due to strategic reasons.

The companies agreed not to disclose the financial terms of the deal.

Published in Dawn November 8th, 2016

Opinion

Editorial

NAP revival
Updated 17 Mar, 2025

NAP revival

This bloody cycle of violence will continue unless action is complemented with social, economic, political efforts in Balochistan and KP.
New reality
17 Mar, 2025

New reality

THE US retreat from global climate finance commitments could not have come at a worse time. Pakistan faces an...
Killer traffic
17 Mar, 2025

Killer traffic

MYSTERIOUS and unstoppable. It is these words that perhaps best describe the recent surge in traffic-related...
After the review
Updated 16 Mar, 2025

After the review

Should prepare economy for durable growth by attracting foreign private investments to boost productivity and exports.
Embracing crypto
16 Mar, 2025

Embracing crypto

IT seems a little prod was all it took for Pakistan to finally ‘embrace the future’. The Pakistan Crypto Council...
Fault lines
16 Mar, 2025

Fault lines

IT was a distressing spectacle, though a sadly predictable one. As the National Assembly took up for discussion the...