Shanghai Fosun Pharmaceutical Group Co Ltd has agreed to buy Gland Pharma – which is backed by KKR & Co LP – for about $1.4 billion, a person with direct knowledge of the matter said, in India’s largest inbound acquisition this year.
Gland Pharma’s founders and US private equity firm KKR, who jointly hold roughly 96 percent of the Indian drugs maker, will sell almost all of their stake to Fosun, said the person, who was not authorised to speak on the matter ahead of a formal announcement and so declined to be identified.
The deal is likely to be announced as soon as Thursday, the person said.
Trading in shares of conglomerate Fosun International Ltd and its Shanghai Fosun subsidiary was suspended in Hong Kong on Thursday pending a statement regarding a “notifiable transaction”.
A spokeswoman for Shanghai Fosun declined to comment. KKR and Gland Pharma were not immediately available for comment.