Hungarian drug maker Richter said that it signed an agreement with is marketing partner in China, Rxmidas Pharmaceuticals Holding Ltd, to set up a 50-50% joint venture.
Richter signed a long term co-operation agreement with Rxmidas in 1998 for the distribution, marketing and promotion of Richter’s products in China and the partnership is now extended into the gynaecological area.
The joint venture will operate in China through a 100% affiliated local company called GRmidas Pharmaceuticals Ltd. According to the agreement, Richter will proceed to make an initial investment of €2 million, expected to fund an initial sales and promotion franchise in China with the primary target of registering and launching Richter’s gynaecological product range. (MTI – Econews)