China's Fosun to buy KKR backed Gland Pharma for $1.4 billion - (The Economic Times via NewsPoints Desk)

  • Fosun Pharmaceutical has reached a deal to purchase a 96-percent stake in Gland Pharma for $1.4 billion as reported The Economic Times Wednesday.

  • We will be signing the deal later today at Hong Kong and an official announcement will be made to the Chinese exchanges later," a source indicated.

  • A report last month revealed that Fosun had emerged at a frontrunner in the auction process, which included Baxter and private equity fund Advent.

  • Fosun, which has completed 17 acquisitions worth $1.6 billion since 2010, amassed $1.9 billion in revenue last year.

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