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Fosun cuts its stake in India drugmaker
Its pared-down 74% stake from the planned 86% in Gland Pharma would have been biggest Chinese takeover
Add BT as a preferred sourcePublished Mon, Sep 18, 2017 · 09:50 PM
Beijing
SHANGHAI Fosun Pharmaceutical Group is trimming the size of the stake it will buy in India's Gland Pharma to 74 per cent for US$1.1 billion, in a bid to salvage the stalled deal that would be the biggest takeover by a Chinese firm in India.
Fosun Pharma had struck a deal in July last year to buy an 86 per cent stake valued at about US$1.26 billion in the Indian generic injectable drugmaker, but the deal had raised concerns among some in the Indian government, a source told Reuters previously.
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