WARSAW, March 27 (Reuters) - Polish bio-pharmaceutical firm Bioton BOTN.WA is set to enter the U.S. insulin market and could list its shares on the Nasdaq stock exchange in 2010, its chief executive said in an interview published on Tuesday.
“The insulin market in the United States is worth $1.5 billion,” Chief Executive Adam Wilczega told Gazeta Prawna daily in an interview.
“If we manage to gain just five percent of that market, it would boost our revenues by over 200 million zlotys ($68.63 million),” he added.
Bioton, a member of the Warsaw bourse’s WIG20 .WIG20 blue-chip index and a leading central European producer of insulin and hepatitis B drugs, forecasts 2007 sales to hit 400 million zlotys, an 86 percent increase over 2006.
Wilczega also reiterated that the company is interested in listing its shares on the New York Nasdaq stock exchange as part of its U.S. expansion.
“Our presence on the U.S. market would justify the Nasdaq listing,” Wilczega was quoted as saying. “The 2010 is a realistic date, when we could start selling insulin there.”
Bioton will invest 100 million zlotys this year in builiding new insulin plants in Russia, China, India and Poland, which it plans to finance by debt, Wilczega said.