Swiss Pharma Nigeria Limited, Chi Pharmaceuticals Ltd and Evans Medical Plc are the other companies to have obtained WHO cGMP certification.
According to PharmaAfrica, the company had previously already announced it was seeking to raise new expansion capital. May & Baker is currently in the process of completing the pre-qualification of products from WHO-standard manufacturing complex at Ota, Ogun State-The Pharma Centre.
May & Baker completed an expansion project in Ota, Ogun State – The Pharma Centre – which boosted its capacity for solid drug production fourfold and more than doubling that for liquid drugs, according to the company’s Chief Executive Officer Nnamdi Okafor.
Okafor, who confirmed the preliminary expression of interests and discussions with the foreign investors, said the company will consider strategic partnership which can provide additional technical competence and funding that could be used to enhance returns for all stakeholders.
According to him, “there have been a lot of interests in the company from foreign and Nigerian investors but the company will only be receptive to arrangements that protect the interests of the existing shareholders and create substantial future values for all stakeholders”.
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He noted that with the increasing success of the Centre, one of the main strategic initiatives now is to leverage the company’s balance sheet through injection of additional equity fund, stressing that this new equity issue will be done in a way that recognizes the support of existing shareholders over the turbulent years.
“We are talking to the major shareholders to feel their pulse and see when they will be ready to take their rights and we are also talking to some foreign investors, especially those that will also bring some technical competence and skill, and I think within this year, we should be able to strike a good balance that will ensure that everybody is taking care of in a fair way,” Okafor said.