Fosun Pharma withdraws plans to sell stake in Gland Pharma
Bengaluru: China's Shanghai Fosun Pharmaceutical Group Co Ltd has withdrawn plans to sell stake in Indian drugmaker Gland Pharma Ltd, ET Now tweeted on Wednesday, citing sources.
Fosun Pharma holds a 57.86% stake in the Indian company. Both Fosun Pharma and Gland Pharma did not immediately respond to Reuters' requests for comment.
Read also: Fosun Pharma said to mull sale of USD 3.6 billion Gland Pharma
Shares of Gland Pharma were up 0.8% at 1,360 rupees as of 9:50 a.m. IST. They have plunged 28% since November end, when Bloomberg News had reported, citing sources that Fosun Pharma was considering a sale of Gland Pharma after receiving interest from potential buyers.
Read also: Gland Pharma to infuse Rs 400 crore to expand Genome Valley facility
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