Gland Pharma has so far failed to secure government approval for an 86% stake sale to China’s Fosun International. Hong Kong-listed Shanghai Fosun Pharmaceutical (Group) Co. Ltd agreed to acquire approximately 86% in Gland Pharma for $1.3 billion in July 2016. Gland Pharma, KKR and Fosun International did not respond to requests for comment. Ravi Penmetsa, vice-chairman and managing director of Gland Pharma, did not respond to phone calls and text messages. Gland Pharma, founded in 1978, makes generic injectables, primarily for the US market.

Source: Mint August 20, 2017 20:03 UTC