Staking a claim in the US

The chief executive of the Polish bio-pharmaceutical firm Bioton revealed last week that his company was looking to enter the US market by 2010, and was also considering a flotation on the Nasdaq stock exchange.

"The insulin market in the United States is worth $1.5 [zł.4.36] billion," Adam Wilczęga told the Gazeta Prawna daily in an interview. "In 2010 we could begin sales in the US."

The move offers some attractive benefits. "It's an attractive market in terms of prices, but it's also a more difficult market than the Russian or Asian ones. If we manage to gain just five percent of that market, it would boost our revenues by over zł.200 million," added Wilczęga.

Bioton is a member of the WSE's blue-chip WIG20 index, and is a leading provider of insulin and hepatitis B drugs. The firm expects sales to reach zł.400 million this year, an 86-percent rise on 2006's figures.

Wilczęga said that along with the start of sales in the US, his firm would also look to enter the Nasdaq. "Our presence on the US market would justify the listing on New York's Nasdaq," Wilczęga was quoted as saying. "The year 2010 is a realistic date - that is, the same time as when we could start selling insulin there."

Bioton wants to invest zł.100 million in building new insulin plants in Russia, China, India and Poland this year, said Wilczęga. The company plans to finance the project through debt.

Last month, Bioton acquired Swiss pharmaceutical firm, Biopartners. In 2006 Bioton posted revenues of zł.213.9 million, with a net profit of zł.96.5 million. (Reuters)