Abbott gets Hungary for diabetes

Abbott Laboratories Inc. is looking to Eastern Europe to beef up its diabetes care portfolio. The U.S. pharmaceuticals group has agreed to invest some $20 million in Biorex Research and Development Co. of Hungary for exclusive global rights to diabetes applications of Bimoclomol, a small molecule that triggers the production of so-called stress proteins. Now Biorex is considering a flotation on NASDAQ rather than the London Stock Exchange, according to Peter Rona, chairman at Biorex and CEO of the Jersey-based First Hungary Fund, the majority shareholder of Biorex. "We are still planning an IPO in the next 12 months but we are now reviewing the situation," Rona said. "We had been planning to go to London because most of our relationships had been with European groups. But with Abbott taking a 20 percent stake we may now be better off going

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