SHANGHAI, July 29 (Xinhua) -- China's Fosun Pharmaceutical (Group) Co. Ltd. said on Thursday that it is seeking to acquire an 86 percent stake in Indian injectables manufacturer Gland Pharma Limited in a deal worth up to 1.26 billion U.S. dollars.
The offer, which would be the largest ever overseas acquisition by a Chinese pharmaceutical firm, includes a contingency payment capped at 50 million dollars for Gland's sales of Enoxaparin in the United States.
In April, China's Luye Medical Group bought Australia's third largest private hospital operator Healthe Care for 688 million dollars, the largest cross-border acquisition in China's pharmaceutical sector to date.
Founded in 1978, 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.
Gland Pharma will remain based in the Indian city Hyderabad, and the current CEO and COO will remain in their posts after the deal, which is subject to regulatory approval.
Fosun Pharma's chairman Chen Qiyu said the deal will strengthen the Chinese pharmaceutical firm's global presence and enable it to provide more high quality products and services to patients worldwide.
The deal will also see the two firms integrate production lines and improve innovation in developing biopharmaceutical products, Fosun Pharma said. Enditem
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