Nigeria: Emzor Raises N26.7bn Bond to Boost Local Drug Manufacturing
[Vanguard] Emzor Pharmaceutical Industries has raised a $19.8 million (N26.7 billion) Series 1 Fixed Rate Bond on the FMDQ Group Exchange, in a major move to strengthen local pharmaceutical manufacturing and complete West Africa's first full-scale anti-malarial Active Pharmaceutical Ingredient (API) manufacturing facility.
Nigeria's Emzor Pharmaceutical Industries has successfully raised $19.8 million (N26.7 billion) in a Series 1 Fixed Rate Bond on the FMDQ Group Exchange. The proceeds will bolster local pharmaceutical manufacturing and facilitate the construction of West Africa's first full-scale anti-malarial Active Pharmaceutical Ingredient (API) manufacturing facility.
Issued through Emzor's special purpose vehicle, the bond carries a 19 percent coupon over a five-year term. This marks Emzor's second domestic bond, following strong investor demand and underscoring their evolution from a local medicine manufacturer to a producer of critical pharmaceutical inputs. The funds will be utilized for working capital, expanding manufacturing capacity, and accelerating the completion of the API facility.
The move signifies Emzor's commitment to reducing dependence on imported medicines and raw materials, while also contributing to Nigeria's efforts to build a more resilient pharmaceutical manufacturing ecosystem.
Written by urgent.news from AllAfrica Health's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
