Fidson’s drug manufacturing pact with Chinese firms raises hope for Nigeria’s HIV patients

Save as PDF 

Drug maker Fidson Healthcare is betting that its new partnership with a trio of Chinese organisations will drive the quest to tame the spread of HIV/AIDS cases in Nigeria and the rest of the African continent.

The partnership is expected to help Nigeria, which leads the West and Central African sub-region in terms of HIV/AIDS cases, find remedy for its teeming patients.

“We eagerly look forward to this collaboration and believe that the comprehensive strengths of all parties will inject new vitality into the healthcare delivery sector in Africa,” CEO Fidelis Ayebae said in a statement on Wednesday.

In addition, the deal will address “the medical needs of over 1.9 million HIV-infected individuals in Nigeria, a focus of Aidea PharAidea.”

The joint venture partners with Fidson include Jiangsu Idea Pharma, Nanjing PharmaBlock and the China-Africa Development Fund.

Fidson, which is listed in Lagos where its stock has shed 24.6 per cent this year, is valued at N30.3 billion.

The four parties to the agreement struck on 2 September will muster their individual strengths in setting up an ultramodern factory in the Lekki Free Trade Zone, with a continental self-sufficiency in healthcare delivery as the big picture.

Nigeria is currently finding succour in a number of potential foreign direct investment from Asia, notably from China and India as portfolio investment especially equity participation in quoted companies continues to vanish.

Consumer goods giants Procter & Gamble and GSK were among the multinationals that shut down their operations in the country last year.

Diageo, the British-based manufacturer which had been the majority owner of Guinness Nigeria for years, recently sold its stake in the beer manufacturer.

The blow of divestment is perhaps strongest in the energy sector, where supermajors including Eni, ExxonMobil and Shell are awaiting regulators’ approval to sell onshore and shallow-water assets.

The joint venture investment with the Chinese firms will involve sharing of information and resources, Fidson said.

“By integrating our expertise and experience in the field of innovative drugs, we are confident in bringing greater well-being to African patients,” said Heliang Fu, the chairman of Jiangsu Aidea Pharma.