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Advice You - Nigerian Bank Applies To Raise Funds From Capital Market
First Bank applies to raise N99.3bn from capital market
First Bank of Nigeria Plc on Tuesday began the process of raising
First Bank of Nigeria Plc on Tuesday began the process of raising
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
fresh funds from the market with an application to the Nigerian Stock Exchange. The bank applied to offer 1.6billion ordina
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
y shares of 50 kobo each to be sold at N33 per share for public subscription and 1.5billion ordinary shares of 50 kobo each
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
at N31 per share as Rights Issue to existing shareholders.
As a result of the application, the NSE has placed the share pr
As a result of the application, the NSE has placed the share pr
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ce of First Bank on technical suspension at N40.40 per share. This implies that throughout the period of the offer, trading
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
in the shares on the floor of the exchange would be done at N40.40.
Besides, prospective subscribers to the public offer a
Besides, prospective subscribers to the public offer a
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
N33 would be enjoying a discount of N7.40, while investors that would be exercising their rights at N31 per share would be
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
doing so at a discount of N9.40 since the current market price is N40.40.
The bank is expected to realise gross proceeds
The bank is expected to realise gross proceeds
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
f N99.3bn from the hybrid offer, the highest in the history of the Nigerian capital market.
The managing director of the b
The managing director of the b
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
nk, Mr. Jacobs Moyo Ajekigbe, had told shareholders at an extra-ordinary general meeting in Lagos in March that the new cap
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tal would assist the bank maintain its leadership position in the Nigerian banking industry, as well as in African continen
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
. He said the new capital drive is being propelled by the bank’s vision, which is to be Africa’s bank of first choice.
Aje
Aje
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
igbe explained that the funds would assist the bank in the modernisation of its branches and to pursue growth in its busine
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
s.
He said that although the bank had upgraded some of its branches to meet up with the challenges of the times, there are
He said that although the bank had upgraded some of its branches to meet up with the challenges of the times, there are
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
still some branches of the bank that needed to be elevated in terms of architecture and ambiance.
The bank chief executiv
The bank chief executiv
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
had assured the shareholders that a committee had been set up at the board level to determine an appropriate pricing for t
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
e offer, assuring them that adequate measures would be put in place to take care of their interest. “All I assure you is th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
t the board will be responsive to shareholders’ aspiration,” Ajekigbe said.
He said that the timing for the offer is right
He said that the timing for the offer is right
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
saying the general elections, which begins on Saturday should not be a threat to the offer. According to him, elections wi
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
l come and go, but business will continue. First Bank will run a parallel campaigns as election dates draw nearer,” he said
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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