Top Hungarian pharmaceutical company Gedeon Richter Plc. has announced that it acquired from its partner, Rxmidas Pharmaceuticals Holdings Ltd., its outstanding 50% stake in Gedeon Richter Rxmidas Joint Venture Co. Ltd. following the setting up of a joint venture with an initial 50% share of equity announced in December 2010. Subsequent to the present acquisition, Richter now holds 100% of Gedeon Richter Rxmidas Joint Venture Co. Ltd., consequently will be in full charge of its contraceptive and OTC business in China. The financial terms of the agreement are undisclosed.
The current transaction is considered to be a further important step to underline Richter’s commitment to expand its business in China, one of the fastest growing pharmaceutical markets. Rxmidas is a privately-owned company founded in China in 2007. Its main area of activity is the sale, promotion and marketing of pharmaceutical products, as well as developing special varieties of medicine. The firm, heaquartered in Shanghai, has in-depth knowledge of the Chinese market.
Gedeon Richter Plc. is a major pharmaceutical company in Central Eastern Europe, with an expanding direct presence in Western Europe. Richter’s consolidated sales were approximately EUR 1.1 billion (US$ 1.5 billion), while its market capitalization amounted to EUR 2.1 billion (US$ 2.5 billion) in 2014. The product portfolio of Richter covers almost all important therapeutic areas, including gynaecology, central nervous system, and cardiovascular areas. Having the largest R&D unit in Central Eastern Europe, Richter’s original research activity focuses on CNS disorders. With its widely acknowledged steroid chemistry expertise, Richter is a significant player in the women’s healthcare field worldwide. Richter is also active in biosimilar product development.
via richter.hu and hvg.hu