3 Bidders For Stake In Polish Drug Firm

Poland's Treasury Ministry has shortlisted three large foreign companiesin a tender for at least 10% of the state-owned drugmaker Polfa Poznan, according to Reuters. Although the Treasury Ministry's press office declined to confirm the report, it is believed that the shortlist includes Nycomed, Glaxo Wellcome and Bristol Myers Squibb.

Reuters also reports that investors are ready to pay between $150 million and $250 million for a majority stake in Polfa Poznan, with final bids to be submitted by end-August. A spokesman for the Polish company would only confirm that the firm was in talks with foreign groups and that privatization should be completed by the end of the year.