Consolidation plan for state-owned pharmaceutical concerns

Today, the Treasury Ministry is to present the management boards of state-owned pharmaceutical concerns, with a plan to consolidate them into one entity. The most probable solution envisages the merging of Polfa Tarchomin, Warszawa, and Pabianice, along with vaccine producer Biomed. Ciech has already submitted an offer to the State Treasury to take over the consolidated group. "This concept will allow us to effectively make use of the synergy of the merger of the pharmaceutical companies. The offer envisages the new company being wholly taken over by Ciech, through an increase in our company's capital, by shares in the Polish Pharmaceutical Concern (PHF). It's all currently under negotiation and no decision has yet been made," said the head of Ciech, Ludwik Klinkosz, adding that his plans to join Warsaw bourse are still valid. "Ciech will debut on the stock exchange in 2004, along with the entire pharmaceutical sector," he said. (Puls Biznesu, p. 6) A.K.