WASHINGTON (dpa-AFX) - Gland Pharma Limited, an Indian pure-play generic injectable pharmaceutical products company, announced a definitive agreement under which Shanghai Fosun Pharmaceutical (Group) Co. Ltd., a Chinese health care provider, will acquire an approximate 86% stake in Gland for up to $1.26 billion. Fosun Pharma will purchase all shares of Gland owned by KKR Floorline Investments Pte. Ltd.
Gland develops and manufactures generic injectables for use in nearly 90 countries on five continents, with a focus on the Indian and US markets. Since 1996, the company has maintained a relationship with the Vetter family in Germany, and by 2003, Gland was the first company in India to get US FDA approval for pharmaceutical liquid injectable products.
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