Polish insulin maker Bioton confirmed last week that it had struck a deal with Sanofi-Aventis over its Russian subsidiary Bioton Wostok. The French pharmaceuticals group has purchased a combined 74 percent stake from Bioton and a Russian investor.

The Polish firm said on Friday that it had sold a 38 percent stake in Bioton Wostok to Sanofi for €28 million. At the same time, investor Sergey Dokuchayev received an undisclosed amount for his 36 percent stake.

The transaction is still awaiting a green light from Russia’s competition authorities. Bioton expects to receive an additional $1.5-2.5 million after the close of the transaction.
Bioton shares rose eight percent on the news, to zł.0.26. It closed 3.8 percent up on the week.

(Reuters)