The Parliamentary Committee on Science, Technology and Innovation (STI) has commenced its inquiry into the valuation and the government stake in Dei Biopharma Ltd.
The inquiry follows the referral of the matter to the committee on STI by the Deputy Speaker of Parliament during the debate on the Committee on Presidential Affairs report, which revealed that the government had invested shs723.2 billion in the company for a 9.4% stake.
According to a report, Dei Biopharma is requesting an additional shs1.74 trillion.
Members of Parliament, however, queried how the 9.4% stake was arrived at, prompting the Deputy Speaker to direct the Minister of Science, Innovation and Technology to table the valuation report before the Committee for an inquiry into its valuation.
However, the valuation report, which was expected to be tabled on November 10, 2026, by Minister Jonard Asiimwe, was rescheduled.
Asiimwe requested the Chairperson of the committee, MP Dr Opio Samuel Acuti, to reschedule the meeting to Tuesday, November 17. He cited an urgent NRM CEC meeting at State House.
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The Committee has written to the Registrar General of the Uganda Registration Services Bureau to provide information on Dei Biopharma’s shareholding, annual returns, directorship, among others.
According to its website, Dei Biopharma Ltd is a biotech and pharmaceutical research firm duly incorporated in Uganda, specialising in the development and manufacture of innovative medicines and vaccines.
Under the leadership of its founder, Dr. Magoola Matthias, the firm is investing in novel research and owns over 100 patents filed with the United States Patent and Trademark Office (USPTO) that cover its technology.
It prides itself on manufacturing treatments for malaria, cancer, chronic diseases, insulin, vaccines, and monoclonal antibodies. It also has the capacity to produce 1 billion mRNA vaccine doses annually and adheres to US FDA, EMA, and WHO standards for quality and safety.
Its website values its investment at $1.1 billion, with a capacity to produce over 1 billion vaccines. In 2024, the company began its manufacturing operations, with regulatory approvals coming in 2025 and a commercial launch following accordingly.
Uganda’s ambitious pharmaceutical manufacturing project, Dei Biopharma, however, is facing fresh financial scrutiny after a debt collection firm advertised several properties belonging to Dei Industries International Limited and associated entities for sale by public auction or private treaty over outstanding loan obligations.
The development raises serious questions about the financial position of an enterprise that has received substantial government backing, including taxpayer-funded investments running into hundreds of millions of dollars, yet now faces the prospect of losing valuable commercial and industrial properties to recover unpaid debts.
A notice published by Jald Uganda, a debt collection and auctioneering firm, indicates that properties associated with Dei Industries International Limited, Dei Natural Products International Limited, and individuals linked to the business are being lined up for disposal following instructions from a financial institution.
The notice, issued under the Registration of Titles Act and Mortgage Act, gives the debtors an opportunity to clear outstanding loan balances, interest, fees, and disbursements before the sale.
The properties advertised include industrial establishments, commercial buildings, residential developments, and land in different parts of Kampala and Wakiso.
The committee’s inquiry takes a critical turn against the backdrop of the auction of the company’s properties, which is expected to be executed in 30 days.
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