Hungarian pharmaceutical company Gedeon Richter announced on Thursday that subsidiaries of its business partner Mitsubishi Tanabe Pharma Corporation have obtained regulatory approval for the use of Richterʼs antipsychotic cariprazine for the treatment of schizophrenia in Singapore and Thailand.
Richter is supplying Mitsubishi Tanabe Pharma with the cariprazine it will sell on those markets. Under an agreement between the business partners, Richter is entitled to regulatory-related milestone payments and sales-related royalties, state news wire MTI reported.
Cariprazine is available in the United States and all countries in Western Europe, with the exception of France, the U.K. and Spain. Marketed under the brands Vraylar (U.S.) and Reagila (Europe), the drug generated revenue of HUF 25.2 billion for Richter in the first half of the year. The revenue from the drug, which included a sizable milestone payment, was exceeded only by sales of oral contraceptives during the period.
CEO Gábor Orbán said after Richter released Q2 earnings earlier in the week that the company is working to bring cariprazine to markets around the world.
Second-quarter net income of Richter fell 28% year-on-year to HUF 17.5 bln as margins narrowed and financial gains dropped, the earnings report released Tuesday shows. In the first half of 2019, Richterʼs net income increased 2% to HUF 39.5 bln, propped up by a smaller tax bill.