Hungarian drugmaker Richter bought a 70 percent stake in Mexican DNA Pharmaceuticals

Hungarian drugmaker Richter bought a 70 percent stake in Mexican  DNA Pharmaceuticals

Hungarian drugmaker Richter said it bought a 70 percent stake in Mexican marketing partner DNA Pharmaceuticals for about $10 million, as the company expands its presence in the fast-growing Latin American market.

As a result of the acquisition, Richter will hold an initial 70% stake in the Mexican company and will buy the remaining 30% in the next three years, Richter said in a release.

Financial terms weren’t disclosed.

Richter wants to use the Mexican firm for the registration of specialty products in the female healthcare therapeutic area, focusing primarily on Esmya, Richter’s drug to treat uterine fibroids, and the establishment of a related sales network. Following the purchase, the Mexican firm will be renamed Gedeon Richter Mexico S.A.P.I. de C.V.

The acquisition came on the heels of Richter announcing Monday that it had bought an initial majority stake in privately owned Brazilian drug distribution firm Next Pharma Representacao.

“Subsequent to the recently announced acquisition in Brazil, this cooperation with DNA is another strategic move aimed at the diversification of Richter’s geographic presence in Latin America, one of the regions with fastest growing pharmaceutical markets worldwide,” Richter chef executive Erik Bogsch said in the release.

Richter, a major drug maker in central and Eastern Europe, is already expanding in Western Europe and has a strong presence in Russia. Its product portfolio covers almost all major therapeutic areas, including gynecology, the central nervous system and cardiovascular system. In 2012, its consolidated sales totaled about $1.5 billion and its market capitalization was $3.1 billion.

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