New CEO after failed deal
Warsaw – Polish insulin and antibiotics maker Bioton S.A. has shuffled its management board after announcing that an expected deal failed to materialise. In mid-January, after Prokom Investments (Gdynia) proved unable to sell its 33.3% stake in Bioton to Jerzy Starak’s Polpharma, the company’s share price went on a rollercoaster ride as shareholders tried to come to grip with the news, swinging up and down by as much as 40% in trading.
The latest news was accompanied by a communiqué detailing the retirement of Bioton CEO Adam Wilczega, who will remain on its board as Vice-President. “The most important issue is to regain the trust of investors,” said new CEO and Board President Janusz R. Guy. Guy declared that he will verify the structure of the company’s portfolio and focus on products that are guaranteed to grow in value.
According to local media, Bioton needs a EUR 20m investment to survive. At the end of January, Prokom Investments – Bioton’s largest investor – agreed to provide a cash injection of approximately a11m until the end of the year.