Polish Govt OKs Two Pharma Privatizations

The Polish government has given its approval to the privatization of twodrug firms. It is to sell a 70% stake in Krakowskie Zaklady Farmaceutycne Polfa to investors who won a public tender announced in January, and a similar 70% stake in Przedsiebiorstwo Farmaceutycne Polfa wRzeszowie is to be made available.

Concerning the latter, it was announced that Polfa Rzeszow would be sold to an investor that guaranteed the development of the firm, though the government added that it would still continue to hold control over the company for 10 years, through special shares.

Both Firms Attracting Investors Although the government has declined to name the investors, Reuters reported that in May, a Polish newspaper quoted unnamed sources as saying that Merck, Hoechst Marion Roussel and ICN Pharmaceutical had each submitted binding offers for shares in Polfa Rzeszow.