Shanghai Fosun to buy Gland Pharma for US$ 1.4 bn

Mumbai: Hong Kong-listed Shanghai Fosun Pharmaceutical (Group) has agreed to buy Hyderabad-based Gland Pharma, backed by private equity giant KKR, for $1.4 billion. The announcement of the rare deal of a Chinese drug maker buying an Indian company is expected to be made this week. “The negotiations have moved in the right direction and the announcement is most likely to come this week,” said investment banking sources familiar with the developments. Gland Pharma officials were not available to comment. Shanghai Fosun Pharmaceutical ended 2015 with revenue of $1.9

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