get ready/bioton take over
Vespasian, you are spot on and here's the confirmation of Bioton intention to buy scigen by investing a further 30$AUS million in scigen. Cheers, Pol
Friday November 4, 8:24 PM Poland's Bioton Aims To Complete SciGen Buy By March '06
WARSAW (Dow Jones)--Poland's insulin maker Bioton SA (BIOA.WA) plans to complete its acquisition of Singapore-based biopharmaceutical company SciGen Ltd. (SIE.AU) by early March, company representatives said Friday.
Bioton, which already has 26.5% stake in Sydney-listed SciGen, signed a share-exchange agreement Oct. 27 with Scitech Genetics Pte Ltd. to increase its holding in SciGen to 44.78%. At the time, Bioton said it planned to buy all remaining shares.
"The outcome will be known after four months," Bioton's Chief Executive Andrzej Wilczega said Friday.
Only then will Bioton decide how the whole operation will be financed, he added.
The company has already said it will issue two million new shares to finance the acquisition. But Wilczega wouldn't say if Bioton plans further capital increases.
By acquiring SciGen, Bioton aims to strengthen its share of the Asian markets for recombinant human insulin, especially in China, Wilczega said. Recombinant human insulin has only a limited number of producers worldwide.
Bioton wants to invest 30 million Australian dollars ($1=AUD1.353) in SciGen and that investment may involve building a new plant in China, Wilczega added.
SIE Price at posting:
0.0¢ Sentiment: None Disclosure: Held
