Shanghai Fosun Pharmaceutical (Group), a leading Chinese healthcare provider, will acquire an approximate 86% stake in Indian pharmaceutical company Gland Pharma for US$1.26 billion. This is the largest overseas acquisition ever made by a Chinese pharmaceutical company, and also China’s largest takeover of an Indian company.
As of early July 2016, Chinese firms had announced more than US$3.9 billion in overseas acquisitions in the pharmaceutical, biotechnology and healthcare sectors, a 10-fold increase on the amount spent in all of 2012, according to Bloomberg data.
Following the close of the transaction, Gland Pharma will remain headquartered in Hyderabad. P V N Raju, founder of Gland Pharma, and his son, Ravi Penmetsa, will continue to sit on the board, as managing director and chief executive officer. Their family will retain a stake in Gland Pharma.
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