Gedeon Richter to Purchase Polpharma

Hungary’s Gedeon Richter has offered to buy Polpharma, a Polish generics company, for approximately $1.3 million.

The combination will strengthen Gedeon Richter’s position in the central nervous system, cardiovascular and gastrointestinal therapeutic areas. It also will create the largest pharmaceutical player in central and eastern Europe with a pro forma market capitalization of roughly $5.4 million, according to Polpharma.

The acquisition is conditional upon Gedeon Richter shareholder approval, regulatory consent and registration by the Court of Registration. The companies hope to complete the transaction in the first quarter of 2008.