Bioton SA jumped the most in more than a year after signing a deal under which GlaxoSmithKline Plc will distribute the Polish company’s insulin in Russia.
Bioton surged as much as 0.02 zloty, or 14 percent, to 0.16 zloty, the biggest advance since September 2009, and was up 7.1 percent at 0.15 zloty as of 9:54 a.m. in Warsaw. The shares closed at a record low of 0.14 zloty on Dec. 17 after they were dropped from Warsaw’s benchmark WIG20 Index.
Glaxo will make a one-time payment of $7 million to Bioton for exclusive rights to sell the products after the Warsaw-based drugmaker meets the conditions of the agreement, including registering the insulin through the European Medicines Agency in all the European Union’s countries, Bioton said in a statement on Dec. 18.
The Polish company estimates the value of the 15-year deal at as much as $600 million, Puls Biznesu reported today, citing Bioton Chief Executive Officer Slawomir Ziegert.