Bioton wants cash injection to fuel further growth

Bioton, a human insulin producer, has announced plans to issue 300 million G-series shares priced at zł.1 each. The company wants to spend the money on acquisitions, investments and production-capability growth.

The date of the rights issue is planned for June 5 and the share subscription date is set for mid-June.The general meeting of shareholders, planned for May 15, should confirm the board's recommendation.

The decision will enable Bioton to implement its global strategy. The company wants to increase its share in the world insulin market, which is estimated at 12 tonnes per year. It also aims to increase its worldwide market share from 2005's one percent to five percent.

Bioton earlier acquired over 500 million shares in Singapore-based SciGen, which brings its stake in the company to 90.54 percent. The company is increasing its presence on eastern markets and recently bought a 21.1-percent stake in the Ukrainian firm Indar. Bioton, together with SciGen, also decided to construct a plant in India.

Bioton wants to increase its market share in Poland from the current 20 percent to 28 percent by the end of 2006. Currently it is the second-largest insulin producer in Poland.