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Hungary’s Richter says deal to buy Polpharma fails

Hungarian drug maker Richter Gedeon said on Tuesday its takeover of Poland’s Polpharma was not completed as scheduled on Monday, because Polpharma owner Genefar did not agree to the terms of the closure of the deal.

Richter made the announcement on the Budapest bourse’s website www.bet.hu, Richter said last week its plan to create central Europe’s biggest drug producer by taking over Polpharma would likely fail because Genefar had asked for additional payments and guarantees following a slide in the value of Richter’s stock which had been used to finance the deal. (Reuters)