UPDATE 1-Polpharma and Bioton to work on possible merger

* Polpharma could buy antibiotic unit of Bioton

* Subject to study, could sign merger plan by Aug. 30 (Adds price estimate in paragraph 2)

WARSAW, Nov 17 (Reuters) - Polish pharmaceutical groups Polpharma and Bioton BOTN.WA will work on a potential merger, Bioton said in a statement on Tuesday.

Bioton also said that Polpharma could buy the antibiotic branch of Bioton, for which Bioton said in a separate statement it could get about 100 million zlotys, and some of its Italian subsidiaries.

The companies agreed they would prepare a study on the potential merger by Dec. 15, possibly then agree on the merger’s details by Feb. 28 and sign a merger plan by August 30.

“In case of a positive result of the study, a merger plan could be signed by August 30, 2010,” the statement said. (Writing by Karolina Slowikowska; Editing by Tim Dobbyn)