Richter to establish new JV in China
Pharmaceutical company Gedeon Richter announced on Monday that it had signed a series of agreements with the owners of its marketing partner, Rxmidas Pharmaceuticals Co. Ltd., targeting a reshaped and stronger direct presence on the Chinese pharmaceutical market.
Richter will have an initial 51% majority stake in the newly formed joint venture and the agreement terms include an upfront payment together with milestone payments linked to any further increases in Richter’s stake in the joint venture in the forthcoming years.
Through the newly formed JV, Richter establishes its direct presence in China with seven regional offices and more than 200 staff, executing the promotion and lifecycle management of both Richter’s existing Rx products and licensed-in third party Rx products, the press release reads.
This important transaction is considered to be a further strategic move to diversify Richter’s geographic presence by strengthening its position in China, one of the fastest growing pharmaceutical markets, the company said.
China’s Rxmidas is a private company founded at the end of 2007. It focuses on the sales/promotion and lifecycle management of prescription drugs in China as well as on the development of a specialty drug pipeline for the Chinese Pharmaceutical market. Rxmidas is based in Shanghai and has a significant coverage of the Chinese Pharmaceutical market through its seven sales offices and 220 employees.
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