Bioton to buy Italian drug companies
Polish biotechnology firm Bioton says that it has signed agreements to purchase two Italian drug companies for a total of 17.0 million euros ($21.4 million), according to the Interfax news agency. The purchases will facilitate the Polish firm's entry into Italy's fast-growing pharmaceutical market. Bioton says it will also shortly unveil another acquisition in western Europe.
Bioton plans to expand its new subsidiaries' sales more than three-fold within the next four years by investing in expanding their production capacities and through the launch of new products.
The company's expansion in western Europe is part of its plan to win a 5% share of the world insulin market in volume terms by 2010. Currently, the Polish firm has a world market share of 1.2%, with this figure expected to increase to around 2% by December of this year. Bioton is forecasting revenues totalling 250.0-300.0 zlotys ($91.0-$109.0 million) this year.
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