AIM welcomed its first Bangladeshi company this morning, when shares in generic drug manufacturer Beximco Pharmaceuticals started trading at a 5p premium to the 60p placing price.

The group, based in Dhaka, makes generic drugs for GlaxoSmithKline amongst others. These are compounds, which are no longer protected by patents. Beximco, which employs over 1,800 people, also makes intravenous fluids and other active ingredients for pharmaceutical concerns as well as for its own sales team to market.

The group made a £2.8 million pre-tax profit in 2004 on sales of £23.5 million. It has recently won a contract to supply Novartis.

Bangladesh enjoys special status under certain international trade agreements, which allows them to take patented products and make them for poor countries including its own domestic market. India no longer has this status and Beximco sees strong growth opportunities in this area.

The flotation, organised by Libertas Capital, raised $21 million, giving the group an initial valuation of $100 million.

Chief executive Nazmul Hassan said ‘The funds will enable us to further increase capacity and build us into a world class manufacturer of pharmaceutical products.'