Hungarian pharmaceutical company Gedeon Richter has purchased the oral contraceptive portfolio of German peer Grünenthal's oral contraceptive (OC) portfolio for a cash purchase price of €236.5 million, Richter said on Wednesday. The transaction requires approval of the German competition authority.
Richter has purchased Grünenthal's OC business, including distribution and marketing rights in all markets worldwide where registration approvals have been granted. (Grünenthal does not hold registration approval in the USA). According to the agreement Grünenthal will retain sales and marketing rights for the portfolio in Latin America.
The acquired OC portfolio will provide a platform for Richter to establish its sales and marketing teams in key Western European countries.
According to the terms of the agreement the parties are obliged to complete the technology transfer before late 2012, prior to which Grünenthal will manufacture and supply to Richter the products for all markets.
Grünenthal is an independent, family-owned international research based pharmaceutical company headquartered in Aachen, Germany with a product portfolio which includes prescription oral contraceptives, including own developed Belara as the leading brand. 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, the company said.
Total worldwide sales of Grünenthal's oral contraceptive portfolio outside Latin America amounted to €72 million in 2009. Germany is considered to be the largest market, representing approximately 70% of total turnover, while Spain and Italy together account for another 20% of sales according to the 2009 market data.
The closing of the transaction is subject to the approval of the German Anti-Trust Authority and this is expected to occur in December 2010.
“I'm confident that following the recently concluded PregLem acquisition this transaction will be a further important step towards the execution of our corporate strategy in Western Europe. Grünenthal’s well established oral contraceptive franchise will boost our gynaecological sales as well as expand our female healthcare portfolio, providing an opportunity to further strengthen this specialty business segment in most of our key regions”, said Richter CEO Erik Bogsch. (MTI-Econews)