Bioton Owners Approve Capital Increase To Fund Biolek Purchase

Shareholders of Bioton SA (BIO), Poland’s largest biotechnology company, yesterday approved a capital increase of as much as 319.1 million zloty ($100.5 million) through the issue of up to 1.6 billion warrants for Bioton shares to Troqueera Enterprises Limited, the company said in a disclosure statement.

The capital increase will be used to finance acquisition from Troqueera of a 50.1 percent stake in Biolek Sp. z o.o., a maker of veterinary and pharmaceutical products, Bioton’s management board said in a statement. The main reason for the acquisition is a $1.2 billion contract held by Biolek to distribute veterinary products in China from 2012 to 2021, the board said.

To contact the editor responsible for this story: David McQuaid at dmcquaid1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.