China's Fosun Pharma to acquire 74 pct stake in Gland Pharma

China's Fosun Pharmaceutical (Group) plans to acquire a 74 percent stake in Indian injectables manufacturer Gland Pharma for nearly 1.1 billion U.S. dollars.

Logo of China's Fosun Pharmaceutical (Group). [Photo: ifeng.com]

Last year, Fosun offered to buy 86 percent of the firm, a deal worth up to 1.26 billion U.S. dollars.

The current offer includes a payment capped at 25 million dollars for Gland's sales of Enoxaparin in the United States, according to a statement from Fosun on Sunday.

Founded in 1978, Hyderabad-based Gland Pharma is the first company in India to be approved by the U.S. Food and Drug Administration for injectable liquid medicines. The U.S. and European markets account for the majority of its revenue.

Fosun Pharma's chairman Chen Qiyu said the deal would strengthen the Chinese pharmaceutical firm's global presence.