Polish BioMaxima eyes takeovers after its value surged on pandemic

Polish diagnostic tests maker BioMaxima is considering acquisitions to further boost earnings after its value surged during the coronavirus pandemic, its CEO said.

WARSAW, March 29 (Reuters) - Polish diagnostic tests maker BioMaxima BMX.WA is considering acquisitions to further boost earnings after its value surged during the coronavirus pandemic, its CEO said.

Shares in BioMaxima, which is listed on the NewConnect market - the Warsaw bourse's exchange for smaller companies - are currently trading at 44 zlotys compared to 3.5 zlotys before the pandemic started in 2020.

"The sales of the company's products has moved on a completely different level. Our offer, which was a response to the needs in the COVID-19 crisis, helped us increase BioMaxima brand recognition. We entered new markets and attracted new foreign partners," Lukasz Urban told Reuters.

BioMaxima produces and distributes diagnostics equipment, including rapid tests for infectious diseases. In March 2020 it started to make IgM and IgG antibody tests and then launched Real Time PCR test.

"It had been difficult to predict the international demand that came up. Distributors from all over the world started to come to us," Urban said. He added that at the start of March the key decision for the company was how many tests it should make.

"It was a key question - 1,000 or 10,000? And then it turned out that even if we prepared a million tests than it would not be enough," Urban said.

With a capitalisation of over 190 million zlotys, the company plans to move to the Warsaw exchange main market. It will submit the prospectus to the financial regulator in April and expects to debut within three to six months.

"We are also considering acquisitions in the broadly understood region, which would enable us to surge revenues and EBITDA," Urban also said, adding the company may also consider a share issue to finance the potential deal. However, the move to the main market, will not involve a share issue.

(Reporting by Agnieszka Barteczko; editing by David Evans)

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