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Financing: troubled Polish drugmaker Bioton said it would receive a total of 171 million zlotys ($48.8 million) capital injection from its main shareholder and his investment arm, boosting its shares.

Financing: Troubled Polish drugmaker Bioton said it would receive a total of 171 million zlotys ($48.8 million) capital injection from its main shareholder and his investment arm, boosting its shares. The higher-than-previously announced financial assistance helped Bioton's battered shares, which closed the week up 20% at 0.29 zlotys, valuing the company at $235 million. Bioton, one of the world's handful of human insulin producers, has been hit by concerns over its inability so far to meet lofty goals linked to an international expansion. The group, controlled by Polish businessman Ryszard Krauze, appointed a new chief executive in January after rival Polpharma walked away from a deal to take a third of Bioton. Krauze agreed to buy new Bioton shares worth 21 million zlotys, while his Prokom Investments will put in another 150 million, more than previously pledged 50 million.

Cyprus-based Bithell Holding, which Bioton said was linked to Poland's richest man Zygmunt Solorz-Zak, agreed last month to invest 70 million. Solorz-Zak holds 10% of the drugmaker. ($1 = 3.506 Zloty)
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Title Annotation:WALL ST./FINANCE
Publication:MondayMorning
Article Type:Brief article
Geographic Code:1USA
Date:Apr 6, 2009
Words:172
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