May 12, 2026 (MLN): The Searle Company Limited's (PSX: SEARL) board has approved the transfer of its biological and associated products portfolio to its indirect subsidiary, Nextar Pharma (Private) Limited, in a transaction valued at up to Rs4 billion, subject to shareholder approval.

The board, in its meeting held on May 11, 2026, greenlit the proposed transfer of biological and associated products along with related trademarks, authorizations, product registrations, and technical information to Nextar which is in the process of being renamed Searle Biopharma (Private) Limited under a proposed arrangement.

The investment of up to Rs4,000,000,000 (Pak Rupees Four Billion) will be made through an indirect subscription of shares in Nextar via the company's wholly owned subsidiary, Searle BioSciences (Pvt) Limited.

The company said the transaction is part of a strategic initiative to optimize its product portfolio and enhance operational efficiencies on a consolidated basis within the group.

The board also resolved to convene an extraordinary general meeting to seek shareholder approval for the transactions, as required under Section 199 of the Companies Act, 2017. Further details are to be provided in due course.

The aforementioned was disseminated through a notification to Exchange.

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