China's Fosun in $1.3 billion deal to buy 86% stake in Gland Pharma
China’s Fosun Pharma (HK: 02196) has agreed to buy an 86% stake in Gland Pharma, an Indian injectables company backed by American investment company KKR, for a sum of up to $1.3 billion.
The Shanghai based company plans to raise up to $800 million in loans to help fund the deal, while KKR, which invested in Gland two years ago, is selling its stake.
Hyderabad-based Gland is a global supplier of a variety of medicines administered through vials, syringes, bags and pumps. Its largest exports market is the USA, where sales of injectables are predicted to grow by about 10% annually in the next five years.
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