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China's Fosun Pharma to buy smaller stake in Gland Pharma for $1.09 bn

Revised plan in wake of Indian firm's demand to retain higher stake

Reuters  |  Beijing 

Shanghai Fosun Pharmaceutical Group has agreed to cut the size of the stake it will buy in India's Gland Pharma to 74 per cent, the Chinese drugmaker said on Sunday. It said Gland Pharma's founding family wanted to retain a higher stake in the Indian firm because of its good performance. Fosun had previously been targeting an 86 per cent stake valued at about $1.26 billion. It said in a statement to the stock exchange that the board had approved the new plan, which would involve an investment of no more than $1.09 billion. The deal had earlier faced some concerns in ...

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First Published: Sun, September 17 2017. 17:52 IST