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German competition office clears Richter acquisition

Germany's competition authority has approved Hungarian drug maker Gedeon Richter's acquisition of the oral contraceptive portfolio of German peer Grünenthal, Richter said on Thursday.

Approval of the transaction by the authority was necessary before it could be closed.

Richter announced the acquisition of the portfolio for €236.5 million on November 3.

“Grünenthal's existing oral contraceptive business represents a strategic fit for Richter to both strengthen its presence in Western European markets and expand its oral contraceptive product portfolio,” Richter said at the time.

Global sales of Grünenthal's oral contraceptive portfolio, with the exception of Latin America, where Grünenthal will retain sales and marketing rights for the products, amounted to €72 million in 2009.

The acquisition will boost Richter's revenue and profit from 2011, CEO Erik Bogsch said earlier. (MTI-Econews)