Shanghai Fosun Pharmaceutical (Group) Co., Ltd (SHA: 600196, HKG: 2196) has announced the sale of a 6.01% stake in its India-based subsidiary, Gland Pharma Ltd (BOM: 543245), through bulk trading. The transaction raised INR 7.541 billion (USD 90 million) pre-tax, or approximately USD 211 million pre-tax.
Following the completion of this sale, Fosun retains an approximate 51.83% equity stake in Gland, down from around 57.84% prior to the transaction. Despite the sale, Fosun maintains its controlling interest in Gland, which continues to be a consolidated subsidiary within Fosun Pharma’s financial statements.
Established in 1978, Gland specializes in injectable generic drugs in segments such as antibiotics, oncology, and cardiology, and has a significant global presence. Fosun initially acquired a 74% stake in Gland for USD 1.091 billion in October 2017, and subsequently allowed the company to go public on the Indian stock market in 2020, raising RMB 1.11 billion (USD 155.2 million) at that time.- Flcube.com
