Hungarian Richter agreed to provide US Evestra with a 5 million dollar

Hungarian pharmaceutical company Richter said it agreed to provide US peer Evestra with a 5 million dollar convertible loan to “accelerate the development of its innovative women’s health product pipeline into clinical stages”. Under the terms of the agreement, after three years Richter has an option to decide whether the loan is to be reimbursed, including earned interest, or converted into an equity stake in Evestra. Evestra’s products “address unmet medical needs” in women’s healthcare, a key area of Richter’s own business.

Gedeon Richter Plc., headquartered in Budapest, is a major drugmaker company in Central Eastern Europe, with an expanding direct presence in Western Europe. Richter’s consolidated sales were approximately EUR 1.1 billion, while its market capitalization amounted to EUR 2.1 billion in 2014. The product portfolio of Richter covers almost all important therapeutic areas, including gynaecology, central nervous system, and cardiovascular areas. Having the largest R&D unit in Central Eastern Europe, Richter’s original research activity focuses on CNS disorders.

Evestra Inc. is a San Antonio, Texas-based biopharmaceutical company engaged in the development of innovative women’s healthcare products.  Evestra’s products are based on two platform technologies, medicinal chemistry and vaginal drug delivery technology, and address unmet medical needs in women’s health arenas.

http://hungarytoday.hu/cikk/richter-provide-5m-loan-us-based-biopharmaceutical-company-evestra-66991