Fosun buys Indian pharma company

Shanghai Fosun Pharmaceutical (Group) Co Ltd announced that it will acquire an 86.08 percent stake in Indian pharmaceutical enterprise Gland Pharma Ltd for $1.26 billion, in the largest overseas acquisition by a Chinese pharmaceutical company.

Gland Pharma, one of world's largest providers of injectable generic medicines, will remain headquartered in Hyderabad after the acquisition, and P.V.N. Raju, founder of Gland Pharma, and his son Ravi Penmetsa, will continue to be on the board. Penmetsa will continue to serve as managing director and CEO. The family will retain a stake in the company after the acquisition, according to the announcement.

The deal also included a payment of no more than $50 million, contingent on Gland Pharma's Enoxaparin sales in the US market.