Emzor Pharma Raises $19.8M for Antimalarial Plant Completion

Emzor Pharmaceutical Industries, founded by Nigerian pharmacist Stella Okoli, has successfully raised ₦26.7 billion ($19.8 million) through a Series 1 fixed-rate bond issued at a 19 percent coupon, listed on the FMDQ Exchange via Emzor Pharma Funding SPV Plc. This funding is intended to accelerate the completion of its long-awaited antimalarial active pharmaceutical ingredient (API) plant in Sagamu.

The bond was oversubscribed, indicating strong investor interest in Emzor's expansion plans. The financing is part of a broader ₦40 billion ($29.6 million) debt program aimed at supporting working capital and expanding manufacturing capacity.

Emzor's project has faced multiple delays, with the facility initially expected to open in 2024, but now projected for early 2026. Once operational, the plant will manufacture antimalarial APIs and potentially expand into other essential medicines, marking a significant step towards reducing West Africa's reliance on imported pharmaceutical inputs.