Biomed sale kicks off

The Treasury Ministry has put up for sale a 85% stake in Biomed, a biotech firm specialised in the production of vaccines, sera and active pharmaceutical ingredients. The deadline for the submission of bids is 5 October. Between 7 and 25 September potential investors will be allowed to review the company’s books. The ministry has set a minimum price of PLN 387 (€93) per share, which values the stake at more than PLN 59m (€14.2m).
According to CEO Andrzej Slotwinski, the sale is likely to attract two types of investors: pharma firms and property developers. That is because Biomed’s key assets are, on the one hand, a portfolio of unique products, such as viper venom antitoxin; and attractive land plots, including a plot in central Warsaw.
In 2008 Biomed generated sales revenues of PLN 12m (€2.9m) and earned a net profit of just under PLN 0.08m (€0.02m). According to Slotwinski, the sales figure understates the company’s actual potential because it was dragged down by modernisation work and a stoppage at a key department that generates 50% of turnover.