The first biotech to be listed on the Warsaw stock exchange was Bioton S.A. The company was developing an insulin analogue, but a purchase in 2011-2012 of a veterinary company controlled by a Cypriot raised eyebrows.

“Investors suspected it was a case of funneling funds,” said Beata Szparaga-Waśniewska, an analyst at the Polish banking group mBank, who specializes in biotechnology. “Bioton has since recognized sizeable write-offs related to the acquired company in its financial statements.”

The scandal proved to be a setback not only for the reputation of Bioton, but also for Polish biotechs in general. Investor sentiment on the Polish biopharmaceutical industry soured and it was not until companies like Ryvu formed and listed on the stock exchange, developing strong partnerships and demonstrating sound business practices, that investors began returning to the sector.

Bioton, too, resurrected its name and is now among the world’s top eight commercial manufacturers of recombinant human insulin.

Poland’s Quiet Pivot From Generics To Innovative Treatments

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