SHANGHAI Chinese drugmaker Shanghai Fosun Pharmaceutical Group Co Ltd already has one eye on investments in other overseas markets after it announced a nearly $1.3 billion deal in July to India's Gland Pharma, the firm's chairman said on Tuesday.
Fosun Pharma's chairman Chen Qiyu said the firm was focused on integrating the Indian injectible medicine maker with Fosun's current business to help tap markets in Europe and the United States as well as within India itself.
"It's certainly part of Fosun Pharma's strategy and it's an important platform for getting into the tightly regulated European and U.S. markets as well as the Indian market," Chen told reporters.
Chen, speaking during a visit to the firm's Shanghai facilities, added the firm was also looking to invest in medical device start-ups in the United States and Israel to improve its capabilities in high-tech devices.
"From a medical device perspective these could help us establish stronger research and development teams," he said. China has been encouraging home-grown firms to take an increasing role in the medical device market.
Chen added part of the attraction of the Gland deal was the Indian firm's distribution channels and its know-how in getting approvals in Western markets - something that could help Fosun Pharma itself expand more globally.
Fosun Pharma is part of Chinese conglomerate Fosun International, headed by billionaire Guo Guangchang, which has been active in global mergers and acquisitions from property to finance.
"At the moment the Gland deal is still being approved, we want to close the deal properly, digest the $1.2 billion (plus) asset, get the best business efficiency out of it and integrate it with global markets," he said.
(Reporting by SHANGHAI newsroom; Writing by Adam Jourdan; Editing by Christian Schmollinger)