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Gedeon Richter Expands in Russia

The Hungarian pharmaceutical company Gedeon Richter announced the purchase of the Polish Polpharma yesterday as well as 80.62 percent of the Russian Akrikhin for $1.4 billion and $128 billion, respectively. These acquisitions will make Gedeon Richter the largest pharmaceuticals producers in Central and Eastern Europe, with capitalization of $5.4 billion. On the Russian market, it will have a 4.1-percent market share, and a rank of third, after the French Sanofi-Aventis and Swiss Novartis.
Polpharm owner Jerzy Starak will because the owner of 25 percent of Gedeon Richter in the deal. The acquisition of Akrikhin, the main shareholder in which is Health Tech Corp., “fully depends on” the merger with Polpharma, and approval by antimonopoly authorities. The final decision is to be made on it in December 18.

Richter Gedeon Vegyeszeti Gyar made a net profit of $142.7 million on about $900 million in sales in the first ten months of his year. Polpharma specializes in cardiologic, neurological and gastroenterological medicines. Its turnover in 2006 was $339 million and EBITDA $96 million. OAO Akrikhin is based in Kupavna, outside Moscow, is one of the five largest pharmaceuticals manufacturers in Russia. It had a 0.69-percent share of the market in 2006, with turnover of $63 million. Observers note that Gedeon Richter's position both on the world and Russian markets has been slipping since 2002. While the European and American pharmaceuticals markets are considered saturated, the Russian market is expected to double by 2020.


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