January 16, 2009 / 10:46 AM / 11 years ago

Polpharma to walk away from Bioton deal-source

WARSAW, Jan 16 (Reuters) - A subsidiary of Poland’s drug maker Polpharma has dropped plans to buy a 33 percent stake in insulin producer Bioton BOTN.WA, a source close to Bioton told Reuters on Friday.

Bioton Chief Executive Adam Wilczega will also step down, the source said.

In August A unit of Polpharma, owned by Polish businessman Jerzy Starak, signed a preliminary agreement to buy the stake in Bioton from an investment vehicle of another local tycoon Ryszard Krauze for 450 million zlotys, in August last year.

Bioton and Starak declined to comment. Krauze’s investment vehicle, Prokom Investments, was not immediately available.

Reporting by Adrian Krajewski and Marcin Goclowski

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