Drug Producer Polpharma in Bid for Russia`s Nizh Pharm
Poland's largest producer of pharmaceuticals, Polpharma, plans to acquire Russian drug producer Nizh Pharm, as a
first step in creating a regional holding. Earlier this year, Polpharma's owner Jerzy Starak said he planned to
expand to other markets to pursue a target of $500m in his group sales by 2007. According to sources Polpharma intended
to win control over the PHF holding, currently comprising two companies Polfa Warszawa and Polfa Pabianice. PHF, which
was officially established by the Treasury last Friday, is to acquire yet another Polfa, from Tarchomin, after the
company completes its structural realignment. The Treasury plans to float a 30 percent stake in PHF, but must wait for
Tarchomin to finish restructuring, as without it the assets of PHF will be hard to evaluate. However, with involvement
abroad, it is unlikely Polpharma will be eyeing the offer as an option to get a foothold in PHF.
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