Fosun Pharma said to mull sale of USD 3.6 billion Gland Pharma
Fosun Pharma acquired a 74 percent stake in Gland for about $1.1 billion in 2017 from an investor group including KKR & Co.;
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Shanghai: Billionaire Guo Guangchang's Shanghai Fosun Pharmaceutical Group Co. is considering a sale of Indian drugmaker Gland Pharma Ltd. after receiving interest from potential buyers, people familiar with the matter said.
Fosun Pharma, a listed arm of Chinese conglomerate Fosun International Ltd., has been working with an adviser as it informally gauges interest in its controlling stake in Gland, the people said. Companies in the industry and buyout firms are in the early stages of studying the business, the people said, asking not to be identified because the matter is private.
Shares of Gland jumped as much as 5.7 percent in Mumbai following the Bloomberg News report, their largest intraday increase in almost a month. They have fallen about 53 percent this year, giving the company a market value of $3.6 billion. Fosun Pharma shares in Hong Kong rose as much as 5.4 percent.
Hyderabad-based Gland specializes in injectable drugs such as antibiotics, oncology, and cardiology treatments and has a presence in about 60 countries, according to its website.
Read also: Gland Pharma eyeing complex injectables, biosimilar space to fuel future growth
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