China’s Fosun buys Gland Pharma for Rs 8,500 crore

New Delhi, July 28

In the largest acquisition of an Indian company by a Chinese firm, Shanghai Fosun Pharmaceutical Group Co today agreed to buy Hyderabad-based drugmaker Gland Pharma Ltd for about $1.26 billion (nearly Rs 8,500 crore).

Fosun Pharma will acquire 86% of Gland Pharma for $1.26 billion, the KKR-backed Indian firm said adding that a definitive agreement has been signed for the deal. Gland Pharma’s founders and US private equity firm KKR, who jointly hold around 96% of the drugmaker, will sell most of their stake to Fosun.

Gland founder PVN Raju and his son Dr Ravi Penmetsa will continue to be on the Board, and Dr Penmetsa will continue as the Managing Director and CEO. pti