Bayer Pakistan rebuffs exit reports

KARACHI: German pharma major Bayer on Friday rebuffed reports of the company’s exit from Pakistan, stating it was not planning any such move.

In a statement, the company said, "Bayer is analysing which of its manufacturing activities may no longer be of strategic focus going forward. In doing so, the company intends to strengthen the competitiveness of its manufacturing capabilities and support the transformation of its pharmaceutical business to deliver long-term, sustainable business growth."

The company stated that it intended to transfer selected assets, i.e., its pharmaceutical and consumer health manufacturing plant based in Lahore, Pakistan, as well as selected brands from the pharmaceuticals and consumer health portfolios to an international diversified company with a strong presence in Pakistan.