Richter Agrees to Buy out Partner in German JVs
Image by gedeonrichter.com
Hungarian pharmaceutical company Gedeon Richter on Wednesday announced an agreement to buy out its German partner Helm's stakes in joint ventures, according to a report by state news wire MTI.
Richter agreed to pay EUR 71.8 million for a 50% stake in Richter-Helm BioTec and EUR 40.6 mln for a 30% stake in Richter-Helm BioLogics. Richter will also pay an earnout on the Richter-Helm BioTec stake linked to performance in 2025-2029.
The transactions will close pending regulatory approval.
Richter-Helm BioTec owns a teriparatide biosimilar, sold under the Terrosa brand, used to treat osteoporosis. Richter called Terrosa the "key product" in its biotechnology business with sales totalling EUR 56.8 mln in 2023. Including sales of the drug by other licence partners, including Stada, Daewon, Mochida, turnover was close to EUR 125 mln.
Richter-Helm BioLogics has annual sales of around EUR 60 mln, but will finish a close to EUR 100 mln investment in 2024 that will "significantly expand" its manufacturing capacity.
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