In a bid to provide treatment for people living with Sickle Cell Anaemia, a Nigerian pharmaceutical company, May & Baker Nigeria Plc has signed an agreement with the National Institute for Pharmaceutical Research and Development (NIPRD) for the commercial production of NAPRISAN, an anti-sickle cell medication.
The agreement was signed by the Managing Director of May & Baker, Nnamdi Okafor and the acting Director General of NIPRD, Professor Olabayo Kunle, in the presence of the honourable minister for health, Professor Isaac Adewole.
NIPRISAN, an anti-sickle cell medication formula discovered by NIPRD, when produced will provide succour to numerous Nigerians living with sickle cell anaemia.
Okafor said, during the signing, that the company will prioritise the production of NAPRISAN on a commercial scale.
“We expect this product to be a commercial success and a leading product of our company as we intend to give it all the attention required”.
Analysts expressed optimism with NAPRISAN’s commercial production as it will positively affect May & Baker’s operational performance.
Recall that Nairametrics reported that a bid to raise capital for the purpose of financing the company’s refocused business model was approved by May & Baker’s shareholders at the 67th annual general meeting (AGM) held Lagos.
In 2016, during the economic recession, the company lamented the scarcity of forex that affected the importation of its raw materials for the manufacturing of vaccine locally, despite the Federal Government of Nigeria’s pronouncement of a special allocation of forex for manufacturing firms in the country.
May & Baker Nigeria Plc was incorporated in 1944 as Nigeria’s first pharmaceutical company. It has its origin in England, the United Kingdom in 1834, three chemists founded Grimwade, May & Pickett, a firm for manufacturing chemicals for pharmaceutical products.
Formerly know as May & Baker (West Africa) Limited, the company was a trading outpost to serve the West Coast of Africa. In 1976, it built its factory at Ikeja where it began local manufacturing of pharmaceuticals. That same year it changed from May & Baker (West Africa) Limited to May & Baker Nigeria Limited.
The company is into manufacturing of pharmaceuticals like anti-diabetics, anti-hypertensive, anti-infectives, anti-malaria, analgesic, cough and cold medication, multivitamins, and anxiolytics. May & Baker also produces Mimee noodles, a product widely consumed by Nigerians, and Lily table water.
May & Baker Nigeria Limited became a publicly quoted company following its listing by introduction on the Nigerian Stock Exchange (NSE) on November 10, 1994, and became May & Baker Nigeria Plc.
May & Baker’s results for the First quarter ended March 2018 show revenue grew marginally from N2.36 billion in first quarter of 2017 to N2.37 billion in 2018. Profit before tax, however, surged from N35 million in Q1 2017 to N208 million in Q1 2018. Profit after tax grew in like manner from N24 million in Q1 2017 to N141 million in Q1 2018.
May & Baker Nigeria Plc stocks are currently valued at N2.45 on the floor of the Nigerian Stock Exchange (NSE) at the close of trading on Thursday.
