The joint venture will bear the name of Richter-Themis Medicare (India) Private Ltd. The shareholding ratio is 51% Richter and 49% Themis Medicare. The joint venture company will be located at Vapi in the state of Gujarat, India. The total cost of the project will be about 20 million USD. The paid-up capital is 140 million rupees (3.1 million USD). The balance of the cost shall be financed by a loan provided by Gedeon Richter Ltd. The expected start of operations is 2006.
Gedeon Richter and Themis relationship started as early as 1969 as joint venture partners for production of APIs and formulations. Currently Gedeon Richter has 8.2 % equity in Themis Medicare Ltd.
About Gedeon Richter Ltd.
Gedeon Richter Ltd., (www.richter.hu) headquartered in Budapest/Hungary, is the leading pharmaceutical company in Hungary and one of the largest in Central Eastern Europe, with about 1.9 billion US$ market capitalisation. The company was founded in 1901. Gedeon Richter Ltd. plays the role of a regional multinational company in the Central Eastern Europe and in the CIS, and has a growing presence through its commercial subsidiaries in key EU countries, the USA and Japan. Two thirds of its annual sales of more than 520 million USD in 2003 are exported to 80 countries (EU, USA, Japan, Russia etc.) The company has a worldwide presence through its representative offices, subsidiaries in 30 countries. It has production facilities in Russia and Romania and Poland. The product portfolio of the company includes more than 100 products and covers almost all important therapeutic areas. Based on its traditional skills in steroid chemistry, the company is a significant player in the gynaecological field worldwide. A significant part of the company’s turnover results from original drug research and development activity, which is presently focused on the diseases of the central nervous system.
About Themis Medicare Ltd. India
Themis Medicare Ltd. India is engaged in manufacture of APIs (both synthetics & fermentation process) and finished dosage preparation. The Company’s total sales for year 2003-4 was INR 760 million (16.5mn USD). The Company is one of the largest manufacturers of statins (lovastatin, simvastatin and pravastatin) in India. The Company has now developed a new drug delivery system, mainly COX-2 inhibitor in injectable form which has been patented in many parts of the world. The Company has many new chemical entity development to their credit, which has been successfully marketed in India.