The leading Hungarian pharmaceutical group Richter Gedeon is acquiring the Dutch company Giskit MD B.V., a subsidiary of IQ Medical Ventures based in Rotterdam, for around EUR 30 million. IQ Medical is a Life Sciences incubator & Investment suite that acts as an umbrella company for various start-up companies.
Richter Gedeon obtains global distribution rights, with the exception of the USA, China and South Korea, to the gynaecological preparations ExEm Foam and GIS-Kit. Richter also aims to become a leading women’s health company by 2030.
Last year Richter Gedeon Nyrt. increased its consolidated sales from HUF 630.6 billion to HUF 802.8 billion (EUR 2 billion) and its profits from HUF 141.2 billion to HUF 157.3 billion (EUR 403.3 million).
Despite the high profitability, the share price is under pressure, as the pharmaceutical industry is subject to more and more special taxes. However, Richter welcomes the government’s latest interventions, according to which the special tax can be reduced by up to half through expenditures for R+D. Another uncertainty is the introduction of the global minimum tax of 15%, as Hungary previously had a uniform corporate income tax rate of 9%.