China’s Fosun seals $1.3 billion deal for Gland Pharma
pharmafile | July 29, 2016 | News story | Medical Communications, Sales and Marketing | acquisition, fosun, gland, takeover
Fosun Pharmaceutical has agreed a deal to purchase an 86.1% stake of Gland Pharma, which will see the Chinese firm acquire a new range of injectable medicines as well as manufacturing facilities in India.
Gland has entered European and US markets with its product range which includes heart drug amiodarone and antiplatelet drug Tirofiban. They have four facilities, mainly based in Hyderabad, which manufacture a variety of injectables.
To fund the purchase, Fosun Pharma intends to borrow up to $800 million. The conglomerate has a market cap of approximately $11.3 billion.
If the deal clears regulatory hurdles in the US, China and India, it will be the largest Chinese investment into the Indian pharmaceutical sector.
Fosun Pharma chief exec Chen Qiyu says: “Gland pharma is run by a tip top management team. It has grown into a leading Indian corporate with international span and influence. China and India’s goals in pharmaceuticals are actually highly compatible. I hope Fosun and Gland Pharma’s combination will prove to be a step forward for pharmaceutical innovation and generic drug exports in the way forward.”
Sean Murray
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