PACRA Assigns Initial Entity Ratings to Martin Dow Limited - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- September 05, 2022 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

Quote

Martin Dow Limited (herein referred to as "MDL" or the "Company"), is an operating and holding company of the Martin Dow group and one of the leading pharmaceutical groups in the Pakistan pharma industry currently ranked at No. 6 according to the latest IQVIA report. The Akhai family entered the pharmaceutical industry in 1960. As of now, four companies operate under the umbrella of MDL group (MDG) which include; (i) Martin Dow Limited (ii) Martin Dow Marker Limited (iii) Martin Dow Specialties (Private) Limited and (iv) Seatle (Private) Limited.

Martin Dow has a diversified portfolio in chronic and acute therapeutic segments. The business growth is driven through organic portfolio growth and new launches. MDL had also been known for its high-end acquisitions. In the past, Martin Dow achieved the largest acquisition in the Pakistan Pharma industry by acquiring industrial assets (plants and machinery) and leading brands of ROCHE with licensing rights in 2010 followed by Merck Pakistan acquisition in 2016. The group produces and sells well-known brands under its domain: Rocephin, Synflex, Concor, Evion, Glucophage, Lexotanil and Sangobion. The group is well poised in the industry with a group size of PKR ~26bln as of Dec'21.

The rating takes comfort in Company's association and strategic alliances with renowned multinational groups such as Roche, Merck, Sanofi and Boehringer Ingelheim. From time to time the Company has invested in modernising and integrating new technologies into its manufacturing facilities. The board of MDL comprises of experienced and professional experts. The Board size is considered adequate as the management...