India's Gland Pharma to invest $48 million in Genome Valley
Indian generic injectables manufacturer Gland Pharma (NSE: GLAN) is to invest $48 million to expand its existing facility in Genome Valley in Telangana, Hyderabad, to manufacture biologicals, biosimilars, antibodies, and recombinant insulin. The move is expected to generate more than 500 jobs.
China’s Fosun Pharma (HK: 02196) currently still owns around 57% of Gland Pharma, having paid around $1.3 billion for 86% of its shares in 2016, but last December announced it was putting its stake in the company up for sale. A number of private equity firms have been approached, including Baring Private Equity, Bain Capital, Blackstone, Carlyle, and KKR.
An investment of $36 million was made by the company in February last year to establish its biopharmaceutical facility in Genome Valley. Vaccines, biologicals, biosimilars, antibodies, and other products will be manufactured in the facility.
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