Citi Pharma Limited Announces Joint Venture with Hangzhou Newsea Technology to Expand API Production

Karachi, Citi Pharma Limited has entered into a joint venture with Hangzhou Newsea Technology Co., Ltd., to enhance its production of Active Pharmaceutical Ingredients (APIs). The new entity, ETACI LIMITED, aims to manufacture 30 additional APIs, augmenting Citi Pharma’s current production of 20 to 22 APIs.

The joint venture marks a strategic move to diversify Citi Pharma’s product offerings and improve its competitiveness in the pharmaceutical industry. ETACI LIMITED will operate as a public limited company, with Citi Pharma holding a 65% controlling interest and Hangzhou Newsea holding the remaining 35%.

The collaboration is expected to foster innovation and efficiency in API manufacturing, leveraging the technological expertise of Hangzhou Newsea. This partnership will also help reduce Citi Pharma’s dependency on imported APIs, enhancing cost efficiency and supply chain resilience.

The projected annual turnover for ETACI LIMITED is estimated at over PKR 15,000 million, with an expected gross profit of PKR 4,500 million after covering a projected cost of sale of PKR 10,500 million. The joint venture is poised to benefit from the existing infrastructure of Citi Pharma, aiming to optimize production processes and increase net profit margins.

This initiative aligns with Citi Pharma’s long-term vision for 2030, focusing on self-reliance and significant contributions to the economic development of Pakistan by localizing essential API production.