April 23, 2025/FSDH Capital
FSDH Capital Limited is pleased to inform you of the LAUNCH of the MeCure Industries Plc’s (“Mecure”) ₦ 9 billion Series 4 Commercial Paper Issuance (“Transaction”) under its ₦40 Billion Commercial Paper Issuance Programme. The offer is NOW OPEN and scheduled to close on Tuesday, 29 April 2025.
MeCure Industries Plc, a leading human therapeutics company in the Nigerian pharmaceutical industry, recently converted to a Public Limited Company (PLC) and listed its shares on the NGX trading platform, fulfilling its promise to investors which includes substantial share price increase, reflecting strong investor confidence, and raising the total market capitalization to a new high.
For close to two decades, MeCure has significantly advanced the pharmaceutical manufacturing sector in Nigeria through technology and innovation, pioneering novel products such as the Liquitab Floatcap, the industry’s first tablet-in-a-capsule formulation.
In October 2023, MeCure commenced the installation of its Beta-Lactam plant for manufacturing beta-lactam tablets and dry syrup, including combination antibiotics such as Amoxicillin-Clavulanic acid (Amoxyclav), a leading antibiotic for bacterial infections with a market size exceeding N500 billion. This new facility positions MeCure as the first local manufacturer to produce Amoxiclav locally. The plant was completed in Q1 2024 and received NAFDAC approval for local production on April 30th. Concurrently, the company has installed a corticosteroids plant for treating inflammatory conditions, this was completed at the beginning of Q3 2024. These new product lines are anticipated to significantly boost the company’s revenue growth.
In October 2024, there was a successful acquisition of a 10% equity stake in the company by Zrosk Investment Management Limited. This investment will boost Mecure’s financial position and fast track its growth strategy. With Zrosk, Mecure is well positioned to drive forward its ambitious expansion plans and further contribute to the healthcare sector in Nigeria and beyond. The acquisition will help Mecure enhance its operational efficiencies and gain greater access to resources, positioning it for a stronger market presence.
The company’s stable and experienced executive management team has a history of consistent superior financial performance and returns. In FY 2024, Revenue increased to ₦46.03 billion (+44.4% y-o-y; FY 2023: ₦31.76 billion) due to increase in the sales of finished products. The company reported an operating profit of N8.28 billion in the same year, a modest increase of 36.19% from N6.08billion recorded in 2023.
MeCure Industries Plc has a stable outlook with short-term ratings of A2 by GCR and A1 by Data Pro, demonstrating its financial stability and commitment to delivering exceptional value to stakeholders in the pharmaceutical industry.
Please see below the details of the offer:
*Kindly note that the yield payable on the Note is subject to Withholding Tax (WHT) except for exempted investors (E.g., PFAs).
Please refer to the documents below in the link for your appraisal of the offer.
- Programme Memorandum
- Pricing Supplement
- Commitment Form
- GCR Rating Report
- Data Pro Rating Report
- Audited Financial Statement (2021-2024)
- PENCOM Certificate
