Shanghai Fosun Pharmaceutical Group Co will acquire 86.1 per cent stake in the Hyderabad-based Gland Pharma for up to USD 1.26 billion.
The Guo Guangchang-led Chinese firm plans to raise USD 800 million in loans from financial institutions to fund the buyout of the KKR & Co LP backed Indian injectables firm.
As per the terms of the agreement, Gland pharma's Vice Chiarman and MD Ravi Penmetsa will continue to lead the company after the acquisition.
Founded in 1978, Gland Pharma manufactures a wide range of injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions and ophthalmic solutions.
It has presence in about 90 countries across five continents.
