SciGen strikes Indonesia insulin deal

SYDNEY, Australia (CNN) -- Singaporean biotechnology company SciGen has struck a 10-year deal with Indonesia's Kalbe Farma to sell and distribute human insulin in Indonesia.

SciGen, which is listed on the Australian Stock Exchange but has its headquarters in Singapore, said Friday the non-exclusive agreement allowed it to appoint other distributors in Indonesia.

It said registration of SciGen's insulin in Indonesia was likely to take about nine months.

Indonesia, with a population of 210 million, has huge market potential for pharmaceutical products, including vaccines and therapeutics.

SciGen said its relationship with Kalbe had the potential to cover other products in due course.

Kalbe, which has annual pharmaceutical sales of more than $280 million, already is a licensee for major pharmaceutical companies such as Bristol Myers, Baxter, Pfizer and Schering Plough.

SciGen shares are unchanged at A$0.078 on the ASX Friday. The broader market, measured by the S&P/ASX200, is up 0.39 percent to 2897.4.

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