Minapharm Pharmaceuticals mulls $19.48mln capital hike

The board of Minapharm Pharmaceuticals agreed to increase the company’s issued capital by EGP 602.98 million through bonus shares, according to a bourse filing.

Under the board’s recommendation, a total of 60.29 million bonus shares will be distributed, where each shareholder will receive 5.11 bonus shares.

The hike process aims to back the company’s financial position, as the EGP 122.93 million capital does not align with the reserves shown in the income statements.

Last year, the EGX-listed firm inked an exclusive licence agreement with Dubai-based Bioventure and MiGenTra GmbH for the commercialisation of multiple biosimilar candidates developed and manufactured by Alvotech.