MeCure Industries Opens N3bn Commercial Paper for Subscription
FSDH Capital Limited has revealed the launch of the MeCure Industries Plc’s up to ₦3 billion Series 10 Commercial Paper Issuance under its ₦20 billion Commercial Paper Issuance Programme.
The offer is NOW OPEN and scheduled to close on Friday, 8th December 2023, FSDH said in a statement sent to investors.
MeCure Industries Plc, a leading human therapeutics company in the Nigerian pharmaceutical industry on November 7 listed 4 billion outstanding shares in the stock market. Since then, the company’s share price has gained more than 300%, MarketForces Africa reported.
For over 15 years, MeCure Industries Plc has contributed hugely to the advancement of medical practice in Nigeria with the use of technology and innovation, FSDH said.
The investment firm stated that MeCure pioneered the development of novel products based on advances in technology and launched the pharmaceutical industry’s first tablet in a capsule formulation called Liquitab Floatcap.
In 2022, the company introduced a PET-CT (Positron Emission Tomography and Computed Tomography) based treatment program for cancer, according to FSDH.
It added that MeCure is the only hospital offering this gold standard for cancer staging which has led to referrals by oncologists from leading hospitals across the country increasing revenue by 250% from just 500 patients alone.
Chemotherapy, Immunotherapy, Targeted and Hormonal therapy are the main areas of focus for cancer treatment at MeCure’s dedicated medical oncology facility with 12 chemotherapy suites, 4 bunkers for LINACs (Linear Accelerator) and two reserved floors for surgical oncology comprising 63 beds.
The investment firm revealed that MeCure is expecting the delivery of Linear Accelerator. The arrival of the Linear Accelerator will make MeCure a complete one-stop cancer treatment facility, which covers diagnostics to treatment via chemotherapy and radiotherapy, and it is expected to generate an additional ₦2 billion to ₦3 billion in revenue per annum.
In October 2023, the company commenced the installation of its Beta-Lactam Department for the manufacturing of beta-lactam tablets and dry syrup. The tablet is a first-choice antibiotic for bacterial infections and has a current market size of over ₦500bn.
The installation of this department will qualify MeCure Industries Plc for pioneer status and generate an additional ₦8bn Revenue in 2024 at 70% capacity utilization, and ₦12bn in 2025. Nigeria Eurobond Slumps after CBN Resumes OMO Auction
In November 2023, the company successfully listed its shares on the growth board of the NGX, thereby fulfilling its promise to investors. A total of 4,000,000,000 (Four Billion) ordinary shares were admitted to trading, representing the total issued share capital of the Company, with one of the largest market capitalizations on the Standard Segment of the NGX’s Growth Board.
MeCure Industries Plc has a stable and experienced executive management team with a history of consistent superior financial performance and returns. The company has a stable outlook, with a short-term rating of A2 by GCR and A1 by Data Pro.