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Fidson to raise N2b to complete biotechnology factory

By Franklin Alli
Fidson Healthcare Plc is warming up to raise a fresh N2 billion through the bond market to complete works on its biotechnology (anti-retro viral) drugs factory at Ota, Ogun State.

Also, Lagos State Governor, Mr. Bbatunde Raji Fashola ,  will on Thursday formally commission the company’s newly built ultra modern corporate head office on Obanikoro, Ikorodu road.

The Managing Director of the company, Mr. Fidelis Anyebe, told Vanguard at the weekend, that the company would head for the capital market  to raise the fresh fund  soon after the commissioning of its corporate head office .

According to him, the N3.5 billion which the company raised two years ago through private placements was spent on growing the business to the giant status it has attained today in the pharmaceutical and food sector.

He gave the break down of how the fund was used as follows: out of the N3.5 billion , N1.5 billion went into Fidson’s products- diapers, serviettes, machinery, etc, N500 million went into working capital, N1 billion into the biotech plants which the ARV factory, N300 million went into corporate building, and N200 million was spent on WHO GMP factory upgrading.

He said that the about to be raised N2 billon-bond will be further used to finish work on the biotechnology plants.
“The biotech project machine alone costs N800 million, land and building N200 million, and also we want tom infuse N1 billion working capital,” he said..

Meanwhile, the  opening of this 5-star facility , Vanguard learnt is the climax of the 15th year anniversary celebration of the company.

The 7-floors of the contemporary office space provides exquisite ambience that would enhance the productivity of staff.

The 5-star office accommodation is equipped with a 90-seater state -of -the-art conference and training centre, a functional gymnasium, library facility and creche.

Incorporated on the 1st of March 1995 as Fidson Drugs Limited, the company has over the lat 15 years pioneered the ascendancy of local pharmaceutical companies in the healthcare industry.

the company became the first manufacturer of anti-retro viral drugs in the country and in sub-Saharan Africa and became publicly quoted on the floor of the Nigerian Stock Exchange, in 2008.  Recently, the company declared a 22 kobo dividend to its shareholders.


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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.