Shanghai Fosun Pharmaceutical Group Co will acquire 86.1 per cent stake in the Hyderabad-based Gland Pharma for up to USD 1.26 billion.
The Guo Guangchang-led Chinese firm plans to raise USD 800 million in loans from financial institutions to fund the buyout of the KKR & Co LP backed Indian injectables firm.
As per the terms of the agreement, Gland pharma's Vice Chiarman and MD Ravi Penmetsa will continue to lead the company after the acquisition.
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Founded in 1978, Gland Pharma manufactures a wide range of injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions and ophthalmic solutions.
It has presence in about 90 countries across five continents.
