Fosun Slims Down Bid for Indian Drugmaker
Shanghai-based Fosun Pharma has decided to buy a slimmed-down stake in Indian drugmaker Gland Pharma Ltd., allowing it to bypass an Indian government review that has caused the deal to be postponed three times.
The purchase of a 74% stake, down from the previously planned 86%, would free the $1.1-billion deal from a compulsory review by India’s Foreign Investment Facilitation Portal and Cabinet Committee on Economic Affairs, Shanghai Fosun Pharmaceutical Group Co. Ltd. said Monday.
Acquisitions of 74% or less of existing pharmaceutical firms in India automatically secures government approval, according to the country’s Department of Industrial Policy and Promotion.
The deal has already been greenlighted by the Chinese government, and Fosun has filed premerger reviews with U.S. and Indian anti-monopoly authorities, it said.
The deal is set to be completed by Oct. 3, allowing Fosun to control a major producer of heparin sodium injections, which are used to prevent and treat deep vein thrombosis, pulmonary embolisms and arterial thromboembolism.
As one of China’s most deal-hungry conglomerates, Fosun Group — the parent company of Fosun Pharma — has announced interest in several overseas assets, including U.S. peer Arbor Pharmaceuticals LLC and French margarine-maker St Hubert.
Fosun’s Hong Kong-listed investment arm, Fosun International Ltd., said late last month during its earnings conference that it will continue to invest in companies under the three themes of “Health, Wealth and Recreation” — with specific interest in Europe and the U.S.
Fosun International and Chinese rival bidder Fujian Septwolves Industry Co. are among suitors vying for the $717-million Swiss luxury fashion brand Bally, Bloomberg reported, citing people with knowledge of the matter.
In an interview with Caixin in June, Bally CEO Frederic de Narp said the company has been attracting interest from potential buyers in China, the U.S., Europe and the Middle East.
Shares of Shanghai-listed Fosun Pharma rose 0.61% to 31.17 yuan ($4.76) on Monday, while Fosun International’s share price jumped 10.9% to HK$16.64 ($2.13).
Contact reporter Coco Feng (firstname.lastname@example.org)
Nov 14 22:18
Nov 14 18:03
Nov 14 18:32
Nov 14 18:57
Nov 14 15:41
Nov 14 13:12
Nov 14 13:27
Nov 14 12:33
- 1China’s Manufacturing Sector Expands at Fastest Pace in Nearly Three Years, Caixin PMI Shows
- 2China Will Create ‘Space Economic Zone’ by Midcentury: Report
- 3Swiss Telecom CEO Explains Why He’s Sticking With Huawei
- 4China Revamps Undergraduate Studies, Tapping Controversial Talent Program
- 5Alibaba’s Sales Surge 40% and Profit Triples
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas