Fosun Pharma, the listed subsidiary of China’s Fosun International Ltd, plans to sell its stake in Indian drugmaker Gland Pharma. The company is receiving interest from potential buyers, according to a Bloomberg report.
In a stock exchange filing on Tuesday, Gland Pharma Limited clarified that the company is not aware of Fosun Pharma and/or its parent Fosun International – considering a sale of the company’s shares.
Shares of Gland Pharma rose 7.6% on Tuesday, the biggest gain in more than a year.
Hyderabad-based Gland specializes in injectable drugs such as antibiotics, oncology and cardiology treatments and has a presence in around 60 countries.
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