Fosun buys majority stake in Gland Pharma for $1.4 billion

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Hyderabad, July 28 (IANS) Chinese drug giant Shanghai Fosun Pharmaceutical Group Co. Ltd. has bought 86 per cent stake in Gland Pharma for about $1.4 billion.

This is billed as India’s largest inbound acquisition in 2016.

Hong Kong-listed Fosun is controlled by billionaire Guo Guangchang while Hyderabad-based Gland Pharma is backed by global private equity firm KKR & Co.

While Fosun bought 86 per cent stake, the rest will remain with the promoter’s family, sources in Gland Pharma said.

The deal is likely to be announced officially in a day or two.

Established in 1978, Gland Pharma has seven factories in Hyderabad and Visakhapatnam, manufacturing a variety of injectables and high quality APIs (active pharmaceutical ingredients).

It sells generic injectables, primarily in the US and Europe.

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Gland had sales of around Rs 1,300 crore last fiscal, with 30 per cent Compound Annual Growth Rate (CAGR).

–IANS

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