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PregLem SA

Richter Announces the Acquisition of PregLem

Budapest, Hungary (ots/PRNewswire)

Richter announces
the Acquisition of PregLem for an initial cash consideration of
CHF150 million (EUR114 million) and further milestone payments of up
to CHF295 million (EUR223 million). The Acquisition values PregLem at
up to CHF445 million (EUR337 million)
- PregLem is a Swiss based, specialty biopharmaceutical company focused
      on the development and commercialisation of women's reproductive
      medicine
    - The Acquisition of PregLem:
    - Increases Richter's exposure to specialty pharma
    - Develops Richter Groups's presence in main European markets
    - Complements Richter's existing Women's Health franchise
    - Richter will invest at least CHF100 million in PregLem in
      2011-2013 to assist the commercial development of PregLem's product
      portfolio
Summary
Gedeon Richter Plc ("Richter") today announces the Acquisition of
PregLem Holding SA ("PregLem"), a privately held Swiss
biopharmaceutical company focused on the treatment of gynaecological
conditions and infertility. The Acquisition has completed and Richter
now owns 100% of PregLem's equity.
PregLem's owners included Founders, Sofinnova Partners (Seed and
Lead investor), MVM International Life Sciences Partners, NeoMed
Innovation, Sofinnova Ventures, Sutrepa and managers and employees of
PregLem.
The existing PregLem executive team will continue to manage
PregLem which will become a research and development centre of an
enlarged and growing Women's Health business for the Richter Group,
with a core focus on the development of early stage compounds.
PregLem's senior management team have extensive experience in women's
reproductive medicine from leading international pharmaceutical
companies such as Serono (now Merck Serono), Ipsen and Warner Lambert
(now Pfizer).
PregLem's lead product, PGL4001 Esmya(TM), completed Phase III
clinical trials in June 2010 for the treatment of uterine myoma.
PregLem currently has five products in clinical and pre-clinical
development. PregLem will provide a further high added value pipeline
to Richter's existing female healthcare product portfolio, which
itself has been based on well established steroid chemistry
knowledge.
The transaction values PregLem at up to CHF445 million provided
certain milestones are achieved, with the consideration to be settled
in cash. PregLem shareholders will receive CHF150 million in cash
upfront and further milestone payments of up to CHF295 million will
be paid assuming achievement of all milestone targets. Over the next
three years, Richter is committed to investing CHF100 million in
PregLem to commercialise PregLem's products, develop salesforce
capability in the main European markets and progress the clinical
development of PregLem's early stage compounds.
Rationale for the Acquisition
PregLem represents a unique opportunity for Richter to strengthen
its core Women's Health business as it broadens Richter's specialty
pharma nature whilst at the same time complementing Richter's
existing Women's Health expertise and product range. This Acquisition
will develop Richter's presence in main European markets and in
addition, Richter's salesforce will sell PregLem's products in CEE
and CIS countries.
Erik Bogsch, Managing Director of Richter, said:
"PregLem represents an outstanding strategic opportunity for the
Richter Group in a core therapeutic area. I look forward to working
with the existing management team to develop the PregLem products in
the European markets."
Ernest Loumaye, CEO and Founder of PregLem, said:
"PregLem, in three years, has developed an innovative pipeline of
drugs for the treatment of benign gynaecological conditions.
This deal provides the opportunity to advance our portfolio of
products, to register ESMYATM (PGL4001) in Europe and to build a
commercial organisation in selected European countries. Richter's
existing portfolio and approach to specialty pharma is highly
complementary and we look forward to working together to bring
products to market which will have a significant impact on women's
lives."
Principal terms of the Acquisition
Financial terms
(a) The initial purchase price for the shares in PregLem amounts
to CHF150 million
(b) In addition, upon the achievement of milestones, Richter will
pay PregLem's shareholders additional cash amounts, up to a maximum
of CHF295 million
Capital injection
Richter committed to make equity capital contributions to PregLem
in the amount of CHF100 million, over the next three years, towards
the funding of assets, activities, employees and resources needed by
PregLem to achieve the milestones, clinical development of PregLem's
early stage compounds and to establish a marketing organisation in
the UK, Germany, France, Italy and Spain.
Information on PregLem
PregLem is a Swiss based, specialty biopharmaceutical company
engaged in the development and commercialisation of a new class of
drugs for the treatment of benign gynaecological conditions. PregLem
focuses on women's reproductive medicine with significant unmet
medical needs, such as uterine fibroids (myoma), endometriosis,
infertility and post surgical abdominal adhesions.
PregLem currently has five projects in clinical and pre-clinical
development. Its most advanced product, PGL4001 Esmya(TM), completed
Phase III clinical trials in June 2010 for the treatment of uterine
myoma, a common benign tumor in women of reproductive age. A European
MAA filing for Esmya(TM) is anticipated in Q4 2010.
PregLem was founded in Geneva in 2006 by two experienced
pharmaceutical industry executives: Dr Ernest Loumaye, a specialist
in female reproductive medicine, and Eric Rolin, a finance and
business development executive. PregLem was initially established to
develop and commercialise clinical and pre-clinical assets that were
spun off from Ipsen Pharma (PGL1001 and PGL2001). Subsequently,
PregLem also in-licensed (PGL4001) from HRA Pharma and PGL5001 from
Merck-Serono.
Notes to media
A press conference will be hosted today at 11:30am (CET).
Evercore Partners is acting as exclusive financial adviser to
Richter and Bär & Karrer AG is acting as Richter's legal adviser.
Credit Suisse is acting as financial adviser to PregLem and Homburger
AG is acting as sellers' legal adviser.
Notes to Editors
About Richter Plc
Richter is a leading multinational pharmaceutical company
headquartered in Budapest, Hungary. With consolidated sales of
approximately EUR1 billion (US$1.3 billion) in 2009 and a market
capitalization of EUR3.2 billion (US$4.3 billion), Richter is one of
the largest pharmaceutical companies in Central Eastern Europe.
Richter's core markets are in Central Eastern Europe and the CIS and
it has a growing presence in the US through its strategic partners
and in key EU countries through its commercial subsidiaries. The
product portfolio of the company covers most therapeutic areas,
including cardiovascular, central nervous system and gynaecology.
Richter has the largest R&D unit in Central Eastern Europe and its
original research activity focuses exclusively on CNS disorders with
main clinical targets being schizophrenia, anxiety, chronic pain and
depression. With its widely acknowledged steroid chemistry expertise,
Richter is a significant player in the female healthcare field
worldwide.
Enquiries:
    Richter
    Zsuzsa Beke, Public Relations
    +36-1-431-4888
    For Swiss press:
    PregLem
    Ernest Loumaye, CEO
    +41-22-884-0340

Contact:

CONTACT: Enquiries: Richter, Zsuzsa Beke, Public
Relations,+36-1-431-4888. For Swiss press: PregLem, Ernest Loumaye,
CEO,+41-22-884-0340

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