Richter, Evestra sign $ 5 mln loan agreement
Hungarian drugmaker Gedeon Richter and Texas-based biopharmaceutical company Evestra announced today that they have signed a collaboration agreement in which Richter is providing a $5 mln convertible loan to Evestra, so that firm can accelerate the development of its innovative women’s health product pipeline into clinical stages.
Under the terms of the agreement, after three years Richter has the option to determine whether the loan will be reimbursed, including earned interest, or converted into an equity stake in Evestra, the statement added.
Evestra is engaged in the development of innovative women’s healthcare products, the press release said. Evestra’s products are based on two platform technologies, medicinal chemistry and vaginal drug delivery technology, and they address unmet medical needs in women's healthcare, the release added.
Richter's consolidated sales were approximately €1.1 bln ($1.5 bln), while its market capitalization amounted to €2.1 bln ($2.5 bln) in 2014, according to the statement. Richter’s product portfolio includes a therapeutic range, including gynecology, central nervous system, and cardiovascular fields. According to the statement Richter has the largest R&D unit in CEE, which focuses on CNS disorders.
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