Shanghai Fosun Pharmaceutical (Group) Co. Ltd. ( "Fosun Pharma"), a leading Chinese health care provider) will acquire ~86% stake in the KKR-backed Gland Pharma (“Company”) for up to USD 1.26 bn.
Fosun Pharma has signed a definitive agreement to acquire ~86% stake in Hyderabad-based pure-play generic injectable products company Gland Pharma, for upto USD 1.26 bn.
Fosun will acquire shares from KKR, the Founders, Vetter Group and also subscribe to Convertible Preference Shares of Gland Pharma (amounting to ~ 6% stake). PVN Raju, Founder of the Company, and his son Dr. Ravi Penmetsa will retain a stake and continue on the Board of Gland Pharma. Dr. Ravi Penmetsa will continue as MD & CEO.
The deal is subject to customary regulatory and shareholder clearances.
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