Hungary’s largest drugs producer, Gedeon Richter Plc., has announced that it bought out its Chinese partner, obtaining its outstanding 50% stake, further strengthening its presence in China, the Hungarian financial website portfolio.hu reports.
According to Richter's announcement, it acquired from its partner, Rxmidas Pharmaceuticals Holdings Ltd. its outstanding 50% stake in Gedeon Richter Rxmidas Joint Venture Co. Ltd. following the setting up of a joint venture with an initial 50% share of equity announced in December 2010.
Subsequent to the present acquisition, Richter now holds 100% of Gedeon Richter Rxmidas Joint Venture Co. Ltd., consequently will be in full charge of its contraceptive and OTC business in China, portfolio.hu reports.
The financial terms of the agreement are undisclosed.
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