Caixin
Dec 02, 2022 04:05 AM
BUSINESS

Fosun Pharma Pours $220 Million Into France’s Cenexi

Fosun Pharma’s parent Fosun International has come under mounting pressure from its immense debt overhang.
Fosun Pharma’s parent Fosun International has come under mounting pressure from its immense debt overhang.

Shanghai Fosun Pharmaceutical Group Co.’s Indian unit Gland Pharma Ltd. will invest 210 million euros ($220 million) in acquiring privately held French pharmaceutical company Cenexi and pouring a shareholder loan into the operation as it seeks to expand its presence in Europe.

This is the first asset purchase by the drugmaking arm of conglomerate Fosun International Ltd. since the debt-laden parent ran into a liquidity crisis this summer that forced it to sell off assets to repay debt.

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