HungaryHungary

Biotech in Hungary

05.02.2004

The former Hungarian minister Károly Ereky is said to have coined the term ”biotechnology” in 1919. This EuroBiotechNews country focus takes a closer look at the strengths and weaknesses of Hungary's biotech scene from the viewpoint of the government, financiers, scientists and the industry.

”Discovery consists of seeing what everybody has seen and thinking what nobody has thought”, said the Hungarian Nobel-Prize winning biochemist Albert Szent-Györgyi. Does the same hold true for solving the lack of venture capital for biotechnology in Hungary? ”I am waiting for the first VCs to wake up and invest in Eastern Europe. They will do the cherry picking”, says Ernö Duda, president of the Hungarian Biotechnology Association and CEO of Szeged-based Solvo Rt. Yet there is no specialized national life science investor according to a study of German Proventa Capital Advisors (PCA), published in early February. PCA's survey among 130 international VCs found none with ”sufficient experience in investing in Central and Eastern Europe.” The study identified a lack of investment targets, of regional co-investors and also of focus, as many projects are funded with an average Euro100,000-150,000 - not enough to reach commercialization. The study suggests an improvement of information flow, the creation of a strong life science investor base, closer cooperations between biotech and pharma and the promotion of the entrepreneurial spirit among scientists. There is room for improvement and first measures have already been taken. In January the National Office for Research and Technology was founded and an Innovation Fund set up. Hungary has excellent academic research, ”enough to grant the country a leading regional position in the biotech sector”, states PCA.

HungaryHungary

05.03.2012

It was a great month for Gedeon Richter Nyrt. (Budapest). At the beginning of February, Hungary’s largest drugmaker announced positive outcomes for two late-stage Phase III trials. In a study sponsored by development partner...

HungaryHungary

09.08.2011

Budapest/Macclesfield – UK-headquartered global ADME-Tox specialist Cyprotex plc has partnered up with Solvo Bio­tech sro to provide the Hungarian firm’s drug transporter assays to its customers in the bio­pharmaceutical...

HungaryHungary

09.08.2011

Budapest/Kraków – In July, illegally planted genetically modified crops made headlines in Hungary, where GMO acreage is banned. Up to 0.1% GMO maize products from Monsanto and Pioneer were discovered at four sites (near...

HungaryHungary

04.04.2011

Budapest – Hungarian vaccine developer Genetic Immunity Kft. (GI) has secured a cash injection of US$25m by signing an agreement with the Budapest-based technology commercialisation company Power of the Dream Ventures, Inc. The...

HungaryHungary

06.02.2011

Budapest/Tokyo – Hungary’s largest drugmaker Gedeon Richter Nyrt. has secured access to the Japanese market for its biosimilar pipeline. In mid-December, Richter CEO Erik Bogsch announced his company had signed a long-term...

HungaryHungary

03.11.2010

Budapest – Richter Group has bagged Swiss gynecology and infertility specialist Preg­Lem Holding SA in a 100 % equity stake worth up to EUR 359m. Hungary’s largest drugmaker expects PregLem’s lead candi­date Esmya as...

HungaryHungary

16.09.2010

Budapest – Hungary’s largest drugmaker Gedeon Richter Ltd. and US partner Forest Laboratory said that a Phase II clinical trial of their orally active drug cariprazine (RGH-188) for bipolar depression produced no “statistically...

HungaryHungary

01.07.2010

Budapest – New results from researchers at the Department of Pathology and Experimental Cancer Research in Budapest suggest that expression of the receptor tyrosine kinase-like orphan receptor 1 (ROR1) on the surface of chronic...

HungaryHungary

01.02.2010

Budapest – ChemAxon, a specialist for chemical informatics software for the life sciences industry, has entered into an agreement with Pfizer. Under the terms of the agreement, Chemaxon will provide its Markush searching and...

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