Nigerian pharmaceutical giant- Fidson Healthcare Plc, on Wednesday opened its ₦3bn Series 11 Commercial Paper (CP), under the ₦25bn Programme scheduled to close on Tuesday, July 23, 2024.

The company, is into manufacturing, marketing, and sales of pharmaceutical and healthcare products in Nigeria and West Africa with over 250 duly registered pharmaceutical brands, across different therapeutic areas, hopes to use to utilise the CP proceeds for short-term working capital needs.

The CP offer which opened on Wednesday, July 17, and closes Tuesday, July 23, 2024, has a 265-day tenor, Discount Rate of 22.58084%, while Implied Yield is 27%, has Thursday, July 25, as Settlement Date.

At its year-ended December 31, 2023, Fidson Healthcare recorded ₦53.1bn in sales revenue, representing a 31% growth over the ₦40.6bn reported in the previous year.

The company boasts of a wide range of over 150 high quality, unique and innovative products spanning therapeutic areas ranging from infectious diseases, cardiovascular diseases, antimalarials, antiretrovirals, psychiatry, nutrition, nutraceuticals, antitussives, among others, of which about 60% are locally manufactured, while the balance is imported.

Fidson is not a new comer to the capital markets, beginning with a ₦2.0bn five-year Secured Fixed Rate Corporate Bond in November 2014; followed by a ₦2.3bn Rights Issue to shareholders in July 2019. These have been followed by a succession of CPs, including a ₦4.5bn 270-day issuance in March 2021; ₦2.15bn 90-day issuance 9 months after; ₦5bn, 210 and 270-day CP in December 2023; ₦5bn 181 & 269-day CP in November 2023, ₦5bn 269- day CP in March 2023, ₦3bn 270-day CP in June 2022, among others.