August 19, 2019 / 6:13 AM / 2 months ago

BRIEF-Bioton Says China-Based Harbin Gloria Pharmaceuticals Terminates Distribution Deal

Aug 19 (Reuters) - Bioton S.A.:

* SAID ON FRIDAY THAT HARBIN GLORIA PHARMACEUTICALS HAS TERMINATED DEAL FOR SUPPLY AND DISTRIBUTION OF BIOTON’S INSULIN PRODUCTS ON CHINESE MARKET

* SAID THAT HARBIN GLORIA PHARMACEUTICALS HAS CITED CHANGES ON CHINESE PHARMACEUTICAL MARKET AS REASON FOR TERMINATION OF DEAL

* HARBIN GLORIA PHARMACEUTICALS ALSO SAID THAT IT WAS UNABLE TO MEET THE SALES FORECASTS AGREED IN DEAL

* DEAL WILL BE AUTOMATICALLY TERMINATED AFTER 6 MONTHS

* SAID THAT FOR A LONG TIME THERE HAVE BEEN PROBLEMS WITH IMPLEMENTATION OF DEAL BY HARBIN GLORIA PHARMACEUTICALS

* SAID THIS SITUATION WAS REFLECTED IN FINANCIAL STATEMENTS OF COMPANY IN 2018 AND WILL AFFECT ITS RESULTS IN 2019

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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