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Richter combines with Polpharma, acquires majority of Russia's Akrihin
Hungarian drug maker Gedeon Richter Nyrt said it will combine with Polpharma in a deal that values the Polish company at 1.3 bln usd while acquiring a majority stake in Russian Akrihin in an equity deal worth 128 mln usd.
The deal with Polpharma will create the largest pharmaceutical player in the region, with a market capitalization of 5.4 bln usd, Richter said.
The deal will be funded through a new share issue amounting to 25 pct of Richter, which will be transferred to Genefar BV, the owners of Poland's second largest drug company.
At the same time Hungary's largest drug maker will buy an 80.62 stake in Akrihin in exchange for 593,684 new Richter shares. The stake will also be purchased from Genefar.
On completion of all the transactions, Genefar will own 26.75 pct of the enlarged Richter.
'The acquisition of Akrihin will further enhance Richters operations and strong market position in Russia,' said Richter.
Sales of Akrihin were approximately 63 mln usd in 2006, Richter said.