Emzor Pharma Funding SPV Plc has raised N26.70bn through a five-year fixed-rate bond listed on the FMDQ Exchange as the indigenous pharmaceutical company moves to expand its manufacturing capacity and strengthen local drug production.
The Series 1 bond, which carries a 19 per cent interest rate, was issued under the company’s N40bn Bond Issuance Programme. The listing was approved by the Board Listings and Markets Committee of FMDQ Exchange.
The funds will be used to meet working capital requirements and finance the expansion of Emzor Pharmaceutical Industries Limited’s manufacturing operations.
A significant portion of the financing will support the completion of Africa’s first full-scale antimalarial Active Pharmaceutical Ingredient manufacturing plant, according to the company.
The project is expected to increase domestic production of pharmaceutical inputs and reduce Nigeria’s reliance on imported APIs, a key component in the manufacture of medicines.
