Frank Yao, Co-Chairman, Fosun Pharma who was in India, told Moneycontrol that the integration process of Gland Pharma with Fosun is over, and Fosun has plans to expand manufacturing footprint and add more products to the pipeline.
Chinese drug maker Fosun Pharma which has acquired around 74 percent in Hyderabad-based Gland Pharma said it has plans to expand operations in India.
Frank Yao, Co-Chairman, Fosun Pharma who was in India, told Moneycontrol that the integration process of Gland Pharma with Fosun is over, and Fosun has plans to expand manufacturing footprint and add more products to the pipeline.
Yao said they may consider putting up a new plant in the Hyderabad Pharma City. Yao declined to give details of the quantum of investment.
Fosun acquired a 74 percent stake in Gland Pharma for $1.09 billion in October 2017. This was the largest ever Chinese acquisition in India.
Fosun first proposed to acquire 86 percent stake in Gland Pharma for $1.26 billion. But, the Cabinet Committee on Economic Affairs (CCEA) had raised objections to the proposal, amidst concerns of a foreign takeover of critical Indian drug asset and also the heightened tensions between India and China over Doklam border dispute.
The Fosun-Gland Pharma deal was cleared later by the government after the Chinese drugmaker agreed to tweak the structure of the acquisition bringing down its proposed stake to 74 percent.
Founded in 1978, Gland Pharma develops niche injectable drugs and supplies more than 65 products in the US and 150 other countries.
Gland Pharma is one of the world's largest producer of anticoagulant drug heparin.
