25-3-2013 — /europawire.eu/ — Gedeon Richter Plc. (’Richter’) announces today that it has signed a series of agreements with the owners of its marketing partner, Rxmidas Pharmaceuticals Co. Ltd. (’Rxmidas’), targeting a reshaped and stronger direct presence on the Chinese pharmaceutical market.
Richter will have an initial 51 % majority stake in the newly formed joint venture and the agreement terms include an upfront payment together with milestone payments linked to any further increases in Richter’s stake in the joint venture in the forthcoming years.Richter through the newly formed JV establishes its direct presence in China with 7 regional offices and more than 200 staff, executing the promotion and lifecycle management of both Richter’s existing Rx products and licensed-in third party Rx products.
This important transaction is considered to be a further strategic move to diversify Richter’s geographic presence by strengthening its position in China, one of the fastest growing pharmaceutical markets.
About Gedeon Richter Plc.
Gedeon Richter Plc. (www.richter.hu) headquartered in Budapest/Hungary, 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 (USD 1.5 billion) while its market capitalization amounted to EUR 2.3 billion (USD 3.1 billion) in 2012. The product portfolio of the Company covers almost all important therapeutic areas, including gynecology, central nervous system and cardiovascular. Having the largest R&D unit in Central Eastern Europe, the Company’s original research activity focuses on CNS disorders. With its widely acknowledged steroid chemistry expertise Richter is a significant player in the female healthcare field worldwide. Richter is also active in the scope of biosimilar product development.
About Rxmidas
Rxmidas is a private company founded at the end of 2007 by experienced senior China executives. Rxmidas focuses on the sales/promotion and lifecycle management of prescription drugs in China as well as on the development of a specialty drug pipeline for the Chinese Pharmaceutical market. Rxmidas is based in Shanghai and has a significant coverage of the Chinese Pharmaceutical market through its 7 sales offices and 220 employees. www.rxmidas.com
More information:
For further information:
Katalin Ördög, Investor Relations
+36 1 431 5680
Zsuzsa Beke, Public Relations
+36 1 431 4888
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