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