Solorz-Żak buys into Bioton

Bioton shares jumped 11 percent on Wednesday after media tycoon, Zygmunt Solorz-Żak, bought a 10 percent stake in the company worth zł.193 ($89.14) million, based on Tuesday's closing price.

In a matter of minutes, Bioton shares shot up 9.5 percent at zł.0.69, outperforming the WIG20 index, which went up 0.2 percent.

"This information, that someone has bought 10 percent of the company's shares, is positive since people can interpret it to mean that this price level has become interesting," said Grzegorz Strublewski, a broker at BRE Bank in Warsaw.

Zygmunt Solorz-Żak told Reuters he plans on holding the shares for at least two years.

Source: Reuters