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Fosun Revives $1.1 Billion Deal for India's Gland Pharma

17 Sep 2017 1:13 pm
By Julie Steinberg and Preetika Rana 

A unit of China's Fosun Group has agreed to acquire 74% of Indian drug company Gland Pharma Ltd. for $1.1 billion, according to a securities filing Sunday evening, resurrecting a deal that was previously blocked by the Indian government.

Shanghai Fosun Pharmaceutical (Group) Co. Ltd. said it is planning to buy 74% of Gland Pharma, a Hyderabad-based company that sells generic injectables. Fosun had earlier tried to buy 86% of the firm, a deal that was rejected by Indian policy makers last month.

New Delhi last year relaxed its investment rules, allowing foreign companies to acquire up to 74% in local drugmakers without government approval.

Fosun's previously proposed $1.3 billion deal, announced in July last year, represented the largest-ever Chinese bid for an Indian company. It was turned down by Prime Minister Narendra Modi's government because authorities didn't want the company to gain access to Gland Pharma's unique injectables technology, The Wall Street Journal earlier reported.

Yifan Xie contributed to this article.

Write to Julie Steinberg at julie.steinberg@wsj.com and Preetika Rana at preetika.rana@wsj.com
 

(END) Dow Jones Newswires

September 17, 2017 09:13 ET (13:13 GMT)

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