Richter closes Finox Holding acquisition
Photo by LaMography / Moni Lazar
Hungarian drugmaker Gedeon Richter said it closed on Friday the acquisition of Swiss fertility treatment company Finox Holding in a disclosure posted on the website of the Budapest Stock Exchange, Hungarian news agency MTI reported.
(Photo: LaMography/Moni Lazar)
Richter announced on June 30 that it was acquiring Finox Holding for CHF 190m.
With the acquisition, Richter has obtained global rights for Bemfola, Finoxʼs biosimilar therapy used for the treatment of infertility, the company said at the time. The product, a recombinant-human Follicle Stimulating Hormone (r-hFSH) which was developed as a biosimilar to GONAL-f, is currently sold in the European Union, Israel, the Middle East and Australia. Bemfola has "gained significant market share" since its introduction in Q2 2014, Richter noted.
The rights for distribution of a product containing r-hFSH in the United States were excluded from the transaction and remain under the ownership of Finoxʼs founder and majority owner Willy Michel, it added.
“Finox represents an important strategic opportunity for Richter in our core therapeutic area and will expand our Womenʼs Healthcare portfolio,” said Richter CEO Erik Bogsch.
Richter put the value of the global gonadotrophin market at €1.5 bln, excluding the US, and said it is growing about 4% a year. There are relatively few competitors and new entrants on the market for these products, which stimulate follicular growth, and the market is highly concentrated in a few in vitro fertilization centers in each country. This situation allows for small and specialized sales forces with a comparatively low cost base compared to other therapeutic areas, Richter said.
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