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.
ÁKK Sells HUF 82.5 bln of Bonds at Auction, Above Plan
EC Puts Hungary 2024 GDP Growth at 2.4%
HU-rizon Program: HUF 8 bln Funding for International Resear...
Inspiring Women at the Focus of Gourmet Fest
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
