Poland's Bioton targets 15 pct of Chinese insulin market in 3 years

WARSAW (Thomson Financial) - The chief executive of Polish biotech group Bioton said the company is targeting 15 pct of the Chinese insulin market in three years after it starts selling its products in the country.

Bioton received approval to start selling its insulin products in China in the second quarter after positive medical trial results.

'After three years we want to have 15 pct of the Chinese market, which is now worth 300 mln usd annually and is growing 20-30 pct a year,' Adam Wilczega said in an interview with TVN CNBC Biznes channel.

He said that in the second half of 2008, Bioton plans to fully consolidate results from Ukrainian insulin maker Indar. Bioton wants to raise its stake in Indar to 60 pct from 30 pct by subscribing to a capital increase.

Earlier, Wilczega said consolidation of Indar's annual sales of around 30 mln usd should make 2008 a record year for Bioton.

Source: By Adrian Krajewski, forbes.com