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29Th July 2016
Chinese drug giant Shanghai Fosun
Pharmaceutical Group Co. Ltd. has bought 86 per cent stake in Gland Pharma for
about $1.4 billion.
This is billed as India's largest inbound
acquisition in 2016.
Hong Kong-listed Fosun is controlled by
billionaire Guo Guangchang while Hyderabad-based Gland Pharma is backed by
global private equity firm KKR & Co.
The Total Investment & Insurance Solutions
While Fosun bought 86 per cent stake, the
rest will remain with the promoter's family, sources in Gland Pharma said. The Total Investment & Insurance Solutions
The deal is likely to be announced officially
in a day or two.
Established in 1978, Gland Pharma has seven
factories in Hyderabad and Visakhapatnam, manufacturing a variety of
injectables and high quality APIs (active pharmaceutical ingredients).
It sells generic injectables, primarily in
the US and Europe.
Gland had sales of around Rs 1,300 crore last
fiscal, with 30 per cent Compound Annual Growth Rate (CAGR). The Total Investment & Insurance Solutions
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