September 22, 2017

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China’s Fosun Pharma to buy smaller stake in Indian firm for $1.1 billion

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China's Fosun Pharma to buy smaller stake in Indian firm for $1.1 billion

BEIJING/MUMBAI (Reuters) – Shanghai Fosun Pharmaceutical Group has agreed to cut the size of the stake it will buy in India’s Gland Pharma to 74 percent, it said on Sunday, paying about $1.1 billion for what is still set to be China’s biggest acquisition in India. Rules issued in June stipulate that foreign investors can buy equity stakes of up to 74 percent in India’s pharmaceutical companies without requiring government approval. Fosun did not mention regulatory hurdles in its statement to the stock exchange, noting only that Gland Pharma’s founding family wanted to retain a bigger holding in the Indian company because of its good performance.

Source:: https://finance.yahoo.com/news/chinas-fosun-pharma-buy-smaller-113502486.html

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