Karachi February 7 2024: Ferozsons Laboratories Limited subsidiary BF Biosciences to raise additional financing through way of private equity, IPO or bank loans for its ongoing expansion project, according to company filing to the exchange.
BF Biosciences Limited ("BFBL"), an 80% owned subsidiary of the Company is evaluating alternative sources of finances, including private equity and/or potential initial public offering *IPO", for its ongoing expansion projects and has requested the Company to review and approve its proposed sources of financing.
‘The Board of Directors of the Company in its meeting held on February 07, 2023 has reviewed the expansion project status of the subsidiary and after detailed deliberations, approved BFBL's request to raise additional financing through way of private equity, IPO and/or bank loans.
Further, the Board has also authorized management to finalize terms of engagement with the shortlisted consultants for the aforesaid transactions.
In 2006, Ferozsons Laboratories Limited entered into a joint venture with the Bagó Group of Argentina to establish BF Biosciences Limited, Pakistan’s first biotech pharmaceutical company.
BF Biosciences Limited has been set up for establishing a Biotech Pharmaceutical Plant to manufacture mainly Cancer and Hepatitis related medicines. The Company holds 80% of equity of the subsidiary and the remaining 20% is held by Grupo Empresarial Bagó S.A., Spain. The registered office of the Company is situated at 197-A, The Mall, Rawalpindi and the production facility is located at 5 KM- Sunder Raiwind Road Lahore. The net assets of the Subsidiary company as at 30 June 2023 were of Rs. 1,974.21 million.
The civil works at Biosciences expansion have been successfully completed, and all the necessary plant and machinery have been delivered to the site. The Pre-filled Syringes Line is fully commissioned and we will start commercial operations after Drug Regulatory Authority of Pakistan (DRAP) inspection and approval.