Richter buys out Chinese partner
Hungarian medicine manufacturer Gedeon Richter acquired Chinese Rxmidas Pharmaceuticals Holdings Ltd.’s 50% stake in Gedeon Richter Rxmidas Joint Venture Co. Ltd., becoming the sole owner of the Chinese joint venture, according to a press release issued today. The financial terms of the agreement were not disclosed. Richter set up the firm with an initial 50% share of equity in December 2010.
“Subsequent to the present acquisition, Richter now holds 100% of Gedeon Richter Rxmidas Joint Venture Co. Ltd., consequently it will be in full charge of its contraceptive and OTC business in China”, the announcement noted.
Richter considers the transaction an important step in underlining the company’s commitment to expanding its business operations in China, which the company dubbed one of the fastest growing pharmaceutical markets, the announcement added.
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