Fosun Pharma acquires 74% stake in Gland Pharma for $1.09 bn - (Business Standard via NewsPoints Desk)

  • Fosun Pharma stated in a regulatory filing that it has acquired an approximately 74-percent in Gland Pharma at a valuation of not more than $1.09 billion, reported Business Standard.

  • The Chinese drugmaker said following completion of the acquisition, Gland Pharma is now an indirect, non-wholly owned subsidiary of Fosun Pharma and Fosun International.

  • In July 2016, Fosun announced plans to acquire 86.08-percent stake in Gland Pharma for not more than $1.26 billion.

  • However, the Cabinet Committee on Economic Affairs had raised objections to the proposal earlier this year.

  • Last month, the Chinese company decided to scale down its proposed acquisition in Gland Pharma to a 74-percent stake at a valuation of not more than $1.09 billion.

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