Chemical Works of Richte... (PK) (USOTC:RGEDF)
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Shares in Hungarian drug maker Richter Gedeon Nyrt. (RICHTER.BU) have resumed trading after a short halt earlier Wednesday that was triggered when its share price jumped 10%.

The stock was subject to heavy buying interest after the company announced successful test results on Cariprazine, or RGH-188 molecule, an agent developed for the treatment of bipolar mental disorders.

The tests were carried out in cooperation with Forest Laboratories, Inc. (FRX).

A milestone payment isn't expected this year, however, Richter's public relations director Zsuzsa Beke told Dow Jones Newswires. Milestone payments will be forthcoming only once phase 3 tests are successfully completed for the same molecule on schizophrenia in the first quarter of 2012. The payments are linked to registration, therefore the earliest possible milestone payment from Forest Laboratories can be expected in the second half of 2012, Beke said.

News that tests were successful could boost the stock's fair value by HUF3,500, Erste Bank said. Its recommendation is buy with a HUF43,865 target.

Richter's shares were trading up 11.4% or HUF3,510 higher at HUF34,410 at 1055 GMT.

-By Veronika Gulyas, Dow Jones Newswires; +361-267-0623; veronika.gulyas@dowjones.com

Gergo Racz contributed to this article.