RICHTER SEALS CONTRACEPTIVE PATCH DEAL WITH BAYER
Hungarian drugmaker Gedeon Richter has entered into a licence and distribution agreement with Bayer HealthCare to commercialise a transdermal contraceptive patch of Bayer in the European Union, in other European countries and in some countries in Latin America. The contraceptive patch will be sold under the trademark Lisvy, Richter said. Under the terms of the agreement, Richter will make an upfront payment when the contract is signed and further milestone payments linked to the progress of the commercialisation. Royalties will become payable to Bayer after the product launch.
Under the agreement announced on Tuesday, Richter obtained distribution rights for the contraceptive patch in the European Union, other European countries outside the Commonwealth of Independent States as well as Latin American markets with the exception of Brazil and Mexico, CEO Erik Bogsch said in a phone interview to Bloomberg. The deal will boost revenue by between 40 million and 50 million euros after three to four years, he said. “We are in talks with several companies on acquiring more products or distribution rights to drugs as we seek to bolster our female health care portfolio,” Bogsch said. Hungary’s biggest drugmaker is relying on exports to western Europe, China and Latin America to counter a decline in Russia, its largest market, and conflict-ridden Ukraine. Richter warned in December that the Russian ruble’s depreciation will “negatively impact” fourth-quarter results and lead to “a substantial” financial loss, Bloomberg said.
Gedeon Richter Plc. headquartered in Budapest, is a major pharmaceutical company in Central Eastern Europe, with an expanding direct presence in Western Europe. Richter’s consolidated sales revenue was approximately EUR 1.2 billion while its market capitalization amounted to EUR 2.8 billion in 2013. The product portfolio of the Company covers almost all important therapeutic areas, including gynaecology, central nervous system, and cardiovascular. Having the largest R&D unit in Central Eastern Europe, the Company’s original research activity focuses on central nervous system disorders. With its widely acknowledged steroid chemistry expertise, Richter is a significant player in the female healthcare field worldwide. Richter is also active in the field of biosimilar product development.
via hungarymatters.hu and bloomberg.com