China-led Fosun Pharma taps big buyout funds for Gland Pharma

13 Dec 2022 , 10:07 AM

Chinese billionaire Guo Guangchang’s Shanghai Fosun Pharmaceutical has tapped big buyout funds for Gland Pharmaceutical.

Buyout firms Advent International, Baring Private Equity Asia (now owned by EQT), Bain Capital, Blackstone, Carlyle and KKR are among those who have been approached to buy the Fosun-owned Gland Pharma, in what would be one of the largest pharma deals in the country, said people aware of strategic developments.

Chinese billionaire Guo Guangchang’s Shanghai Fosun Pharma Group is the controlling shareholder of listed generic injectables maker Gland, with 57.86% stake. The buyout will trigger an open offer for an additional 26% of the company.

Hyderabad-based Gland specializes in injectable drugs such as antibiotics, oncology and cardiology treatments and has a presence in about 60 countries, according to its website.

Fosun Pharma acquired a 74% stake in Gland for about $1.1 billion in 2017 from an investor group including KKR & Co. It listed the business three years later in an $873 million initial public offering in Mumbai, according to Bloomberg report.

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