Shanghai Fosun Pharma has agreed to pay $1.1bn for an 86 per cent stake in Indian drugmaker Gland Pharma, in the largest Indian corporate takeover by a Chinese company.
The deal is the biggest acquisition by Hong Kong-listed Fosun since the mysterious disappearance for several days last year of Guo Guangchan, the group’s chairman, in connection with an anti-corruption investigation in China.
Yesterday’s deal — which values Gland at $1.35bn — also provides a lucrative exit for private equity firm KKR, which three years ago paid $200m for a 38 per cent stake in the Hyderabad-based drugmaker and is selling its full holding.
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