Chinese drug firm Fosun Pharma has acquired approximately 74 percent in Hyderabad-based Gland Pharma at a valuation of not more than USD 1.09 billion, the company has said.
Chinese drug firm Fosun Pharma has acquired approximately 74 percent in Hyderabad-based Gland Pharma at a valuation of not more than USD 1.09 billion, the company has said.
Since all the conditions precedent of the acquisition of the controlling interest in Gland Pharma have been satisfied boards of directors of Fosun Pharma and Fosun International are pleased to announce that the completion of the acquisition of the controlling interest in Gland Pharma, the companies said in a joint statement.
In the regulatory filing, Fosun Pharma and Fosun International said following the completion of the acquisition, Gland Pharma has become an indirect non-wholly owned subsidiary of Fosun Pharma and Fosun International.
Fosun Pharma and Fosun International indirectly hold approximately 74 percent equity interest in Gland Pharma, the joint statement added. Shanghai Fosun Pharmaceutical (Group) Co Ltd had earlier in July last year announced plans to acquire 86.
