Fosun considering US$500 million IPO of Gland Pharma

July 20, 2018 | By | Reply More

Grab latest promotion at LAZADA now!

Shanghai Fosun Pharmaceutical Group Co is in preliminary talks with potential advisers about an Indian IPO for Gland Pharma; the share sale could raise about US$500 million.

Signage on the headquarters of Shanghai Fosun Pharmaceutical Group in Shanghai, China, March 2016. (Reuters pic)

HONG KONG: A unit of Fosun International Ltd, the Chinese group backed by billionaire Guo Guangchang, is considering an initial public offering of Indian drugmaker Gland Pharma Ltd, people with knowledge of the matter said.

Shanghai Fosun Pharmaceutical Group Co is in preliminary talks with potential advisers about an Indian IPO for Gland, according to the people, who asked not to be identified because the information is private. The share sale could raise about US$500 million, the people said. Deliberations are at an early stage, and any listing is unlikely to take place before next year, the people said.

Fosun Pharma is weighing an offering after buying a roughly 74% stake in Gland for US$1.1 billion last year. Fundraising from first-time share sales in India has risen 41% this year to US$4.3 billion, data compiled by Bloomberg show.

Hyderabad-based Gland, founded in 1978, specialises in injectable drugs such as antibiotics, oncology and cardiology treatments. A spokeswoman for Fosun Pharma declined to comment.

Fosun has continued to expand its international business empire, which has holdings ranging from consumer brands to insurance, amid a Chinese crackdown on overseas deals that’s forced other conglomerates like HNA Group Co to rein in their ambitions. This year, Fosun has announced acquisitions of Brazilian brokerage Guide Investimentos and French fashion house Lanvin.

The conglomerate received Hong Kong stock exchange approval this month to spin off its tourism and hotels unit, which owns Club Med SAS and luxury hotel development Sanya Atlantis.


FREE RM12.70 credit upon sign up to discover and book amazing travel experiences with Klook.

Category: News

About the Author ()

Leave a Reply