Adamed and Polpharma raise bids for Polfa Warszawa

Both Adamed and Polpharma have submitted improved offers for Polfa Warszawa (PW), Artur Wozniak, the chief executive of Polski Holding Farmaceutyczny (PHF), told Rzeczpospolita. The companies had been asked to do so by 8 June, after their bids submitted in May had been found to be unsatisfactory. Wozniak declined to comment on the details of the revised offers, however, saying they were still being examined.

Meanwhile, Miroslaw Miara, who represents trade unions on PW’s supervisory board, wrote on his blog that his hunch was that neither firm was prepared to pay a price reflecting PW’s true value, and that PHF might therefore terminate the sale without result.

According to market speculation cited by the newspaper, the Treasury may expect to fetch more than PLN 600m (€147m) for the drug maker. Polfa Pabianice, which was sold to Adamed earlier this year, reportedly went for over PLN 300m (€74m). PW is bigger and more profitable than Polfa Pabianice, and in addition owns lucrative land in central Warsaw.