Gedeon Richter takes control of China JV
Hungary's largest drugmaker Gedeon Richter (RICHT: HB) says it has acquired from its partner, Rxmidas Pharmaceuticals Holdings, 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, consequently it will be in full charge of its contraceptive and OTC (over-the-counter) medicines 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.
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