Shanghai Fosun bids for India's Gland Pharma

Shanghai-based Fosun Pharma (HK: 02196) has announced an indicative offer to buy Gland Pharma, which is based in Hyderabad, India, competing against the US pharma firm Baxter (NYSE: BAX), the other potential buyer.

Fosun said in a statement to The Pharma Letter’s local correspondent Wang Fangqing that this possible purchase, which was initiated through its investment arm in Hong Kong, could help strengthen Fosun’s drug business, especially in terms of drug manufacturing. Also, the deal could help Fosun become “more “internationalized.”

Gland is a major injectables supplier in the global market, offering varieties including syringes, vials and dry powders for clients including the Indian company Dr Reddy’s Laboratories and the UK pharma Mylan. Gland is owned by its founders and the American investment company KKR.