Nigeria: Zrosk IM acquires stake in MeCure Industries
Zrosk Investment Management has acquired a 10% equity stake in Nigerian pharmaceutical company MeCure Industries.
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Zrosk Investment Management has acquired a 10% equity stake in Nigerian pharmaceutical company MeCure Industries.
The transaction, which was conducted off-market, has been finalised following approval from the Nigerian Exchange Group (NGX).
Commenting on the acquisition, Arjun Udani, co-CEO of MeCure Industries, stated: "We are delighted to welcome Zrosk Investment Management as a key shareholder in MeCure. This investment reflects the confidence in our long-term growth strategy and our commitment to delivering quality healthcare solutions to millions of Nigerians. With Zrosk’s support, we are well-positioned to execute our ambitious expansion plans and continue making a positive impact on the healthcare sector in Nigeria and beyond."
The managing director/chief investment officer of Zrosk, Samson Esemuede, said: "One of our core convictions at Zrosk IM is that ownership of industrial capacity on the African continent is shifting towards indigenous hands. We view the stock market as a theatre of such transition, and we see MeCure Industries as a potential dominant player in the pharmaceutical value chain on the continent. We were drawn to MeCure Industries’ commitment to domesticate pharmaceutical industrial and intellectual capacity, which we view as critical, especially in the context of the extremely high level of pharmaceutical product price inflation. From our analysis, MeCure Industries can deliver products in critical therapeutic areas at a unit cost that helps drive affordability across the population. We are thus proud to be a part of this journey and look forward to supporting MeCure’s ambitious current and future plans."
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