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Richter sets up Chinese JV

Hungarian drug company Richter Gedeon on Monday said it established a joint venture in China. Richter owns a 51% stake in the JV. The rest is held by the owners of the company's marketing partner in China, Rxmidas Pharmaceuticals. The terms of the agreement on the JV include an upfront payment as well as milestone payments linked to any further increases in Richter's stake. Richter targets a "stronger direct presence" on the Chinese market with the JV. The new JV gives Richter seven regional offices and more than 200 staff in China.