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2009-03-20 Poland: Solorz to double stake in Bioton?

Bithell Holdings Ltd, a Cypriot company linked to Zygmunt Solorz-Zak, has declared an intention to pour up to PLN 70m (over €15m) into Bioton as part of an upcoming share issue intended to strengthen the biotech firm’s balance sheet and help finance operations in strategic foreign markets. This would lift the billionaire investor’s stake in Bioton to just under 20%, from around 10% at the moment.

The declared commitment represents slightly less than 50% of the total value of the rights issue of PLN 156m (€34m). Bioton’s management said that it was in advanced talks with other investors interested in backing the share issue. It is not clear whether Prokom Investments, Bioton’s main shareholder, would participate in it. The foreign markets that Bioton deems strategic are China, India, Russia, Ukraine and the EU.

Source:www.pharmapoland.com