(Yicai Global) May 23 -- Zai Lab, a Chinese company that develops medicines for cancer as well as autoimmune and infectious diseases, expects to start making money in three years’ time. This will allow investors to recognize the huge opportunities in the Chinese market, the chief operating officer said.

Zai Lab, which already has four drugs on the market in China, plans to launch another eight in the next three years, equivalent to two to three new products per year, John Smiley told Yicai Global at a recent summit in Shanghai.

It will be a huge challenge for the company, which employs nearly 2,000 people worldwide, said Smiley, who joined the Shanghai-based firm in August last year after 20 years at US rival Eli Lilly and Company.

Zai Lab’s licensing agreement with Seagen will not be affected by US pharmaceutical giant Pfizer’s proposed take-over of the US biotech firm and could even affirm the accuracy of Zai Lab’s tie-up, said Smiley.

Pfizer announced in March that it plans to acquire Washington-bsaed Seagen for USD43 billion. This comes after Zai Lab secured the rights to develop and commercialize Seagen’s cervical cancer drug tisotumab vedotin-tftv in China in September last year.

But sales have been improving. Zai Lab’s net losses narrowed 40 percent in the first quarter from a year earlier to USD49.1 million, while revenue jumped 34 percent to USD62.8 million, according to its latest financial report.

Editor: Kim Taylor