July 27, 2016 / 6:51 AM / 3 years ago

China's Fosun to sign agreement for $1.4 billion Gland Pharma buy - paper

A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo

MUMBAI (Reuters) - Shanghai Fosun Pharmaceutical (Group) Co (2196.HK) will sign a definitive agreement on Wednesday to buy a controlling stake in India’s Gland Pharma in a $1.4 billion deal, the Economic Times newspaper reported, citing a source with direct knowledge.

In May, Shanghai Fosun had made a non-binding proposal to buy Gland Pharma, which is backed by KKR & Co (KKR.N), to boost its drug manufacturing and research and development capacity.

Fosun did not immediately comment, when contacted by Reuters. Gland Pharma made no immediate comment on the report. bit.ly/2awbQOe

The paper said KKR declined to comment.

Writing by Devidutta Tripathy; Editing by Sherry Jacob-Phillips

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