Chinese drug firm Fosun Pharma has acquired approximately 74% in Hyderabad-based Gland Pharma at a valuation of not more than $1.09 billion, the company said.
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. had, in July last year, announced plans to acquire 86.08% stake in Gland Pharma for not more than $1.26 billion. However, the Cabinet Committee on Economic Affairs (CCEA) had raised objections to the proposal earlier this year, amid heightened tensions between India and China over border dispute.
On September 17 this year, the the Chinese firm had decided to scale down its proposed acquisition in Gland Pharma to 74%